Business, 14.04.2020 22:11 Kkampudiaa

On October 1, 2020, Pronghorn, Inc. assigns $1,205,800 of its accounts receivable to Stellar National Bank as collateral for a $722,900 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Chung and Seneca.

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On October 1, 2020, Pronghorn, Inc. assigns $1,205,800 of its accounts receivable to Stellar Nationa...

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