Business, 26.06.2020 16:01 Britny2386

On April 1, 2020, Vaughn Company assigns $524,600 of its accounts receivable to the Third National Bank as collateral for a $336,000 loan due July 1, 2020. The assignment agreement calls for Vaughn to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the April 1, 2020, journal entry for Vaughn Company.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 21.06.2019 19:30, baseball1525

Why does the united states government provide tax breaks related to the amount of money companies spend on research and development? a. to provide incentives for companies to conduct research and development to allow antitrust authorities b. to challenge joint research efforts c. to protect the right of inventors d. to produce and sell their inventions e. to involve less government scrutiny than a government funded project

Answers: 1

continue

Business, 22.06.2019 11:00, neash19

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period

Answers: 3

continue

Business, 22.06.2019 11:30, jacky852

On average, someone with a bachelor's degree is estimated to earn times more than someone with a high school diploma. a)1.2 b)1.4 c)1.6 d)1.8

Answers: 1

continue

Business, 22.06.2019 17:10, suxy16

Calculate riverside’s financial ratios for 2014. assume that riverside had $1,000,000 in lease payments and $1,400,000 in debt principal repayments in 2014. (hint: use the book discussion to identify the applicable ratios.)

Answers: 3

continue

You know the right answer?

On April 1, 2020, Vaughn Company assigns $524,600 of its accounts receivable to the Third National B...