Solved: The bank assesses a finance charge of 2 of the receivables, Accounting Basics

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The bank assesses a finance charge of 2 of the receivables

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: The bank assesses a finance charge of 2 of the receivables

Reference No:- TGS02912546

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