Prepare entries for shamrock and alberta provincial bank, Financial Accounting

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Prepare entries for shamrock and alberta provincial bank

Problem

On October 1, 2020, Shamrock, Inc. assigns $1.9 million of its accounts receivable to Alberta Provincial Bank as collateral for a $2.6- million loan evidenced by a note. The bank's charges are as follows: a finance charge of 3% of the assigned receivables and an interest charge of 11% on the loan. Prepare the October 1 journal entries for both Shamrock and Alberta Provincial Bank.

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Financial Accounting: Prepare entries for shamrock and alberta provincial bank

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Financial Accounting: Prepare entries for shamrock and alberta provincial bank

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