Business, 09.07.2020 01:01 seanjung1128

Rascal Corp. borrows $500,000 by signing on a 1-year, 12% promissory note from General Finance Company and assigns $600,000 of its accounts receivable as collateral for the loan. General Finance charges a financing fee of 1% of the receivables assigned. The journal entry for Rascal to record the borrowing will include a

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Rascal Corp. borrows $500,000 by signing on a 1-year, 12% promissory note from General Finance Compa...