Business, 21.11.2019 04:31 Haleysaraya1

On october 1, 2017, chung, inc. assigns $1,000,000 of its accounts receivable to seneca national bank as collateral for a $750,000 note. the bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 9%.

prepare the october 1 journal entries for both chung and seneca. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. c

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On october 1, 2017, chung, inc. assigns $1,000,000 of its accounts receivable to seneca national ban...

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