Solved: He receivables assigned and interest on the note of 7, Accounting Basics

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He receivables assigned and interest on the note of 7

Here's the question: On October 1, 2014, Gomez Inc. assigns $1,600,000 of its accounts receivable to Ottawa National bank as collateral for a $1,200,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 7%. Prepare the October 1 journal entries for both Gomez and Ottawa. Need done in one hour. Will pay $20.00

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Accounting Basics: He receivables assigned and interest on the note of 7

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Accounting Basics: He receivables assigned and interest on the note of 7

Reference No:- TGS02618667

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