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Blue hen company has accounts receivable of 400000 which

Question - Blue Hen Company has accounts receivable of $400,000 which they use to secure a loan with the Last National Bank of Woonsocket. The bank loans them $375,000 but charges them 3% of accounts receivable as a finance fee and retains $20,000 for distribution later.

Record the loan receipt on the books of Blue Hen.

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