What would be the journal entry to record this transaction


Moon Inc assigns $1,500,000 of its accounts receivables as collateral for a $1 million loan with a bank. The bank assesses a 3% finance fee and charges interest on the note at 6%. What would be the journal entry to record this transaction?

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Accounting Basics: What would be the journal entry to record this transaction
Reference No:- TGS080692

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