On April 1, 2020, Wildhorse Company assigns $549,400 of its accounts receivable to the Third National...
On April 1, 2020, Wildhorse Company assigns $549,400 of its accounts receivable to the Third National Bank as collateral for a $301,600 loan due July 1, 2020. The assignment agreement calls for Wildhorse to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the journal entry for wildhorse company
Homework Answers
| Date | Account | Debit | Credit |
| April 1, 2020 | No Entry Required | ||
| (No Entry Required for collateral) | |||
| Finance charge ($549,400*3%) | $16,482 | ||
| Cash | $16,482 | ||
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On April 1, 2020, Wildhorse Company assigns $549,400 of its
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On April 1, 2020, Wildhorse Company assigns $549,400 of its accounts receivable to the Third National...
On April 1, 2020, Wildhorse Company assigns $549,400 of its
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accounts receivable to the Third National Bank as collateral for a
$301,600 loan due July 1, 2020. The assignment agreement calls for
Wildhorse to continue to collect the receivables. Third National
Bank assesses a finance charge of 3% of the accounts receivable,
and interest on the loan is 10% (a realistic rate of interest for a
note of this type). Collapse question part (a) Partially correct
answer. Your answer is...
4. (10 points)On March 1,
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to the Third National Bank as collateral for a $500,000 loan due
April 1, 2014. The assignment agreement calls for Rasheed Company
to continue to collect the receivables. Third National Bank
assesses a finance charge of 3% of the accounts receivable, and
interest on the loan is 9% (a realistic rate of interest for a note
of this type).a. Prepare the March 1, 2014, journal entry...
4. (10 points) On March 1, 2014, Rasheed Company assigns $800,000 of its accounts receivable to the Third National Bank as collateral for a $500,000 loan due April 1, 2014. The assignment agreement calls for Rasheed Company to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 9% (a realistic rate of interest for a note of this type) a. Prepare the March 1, 2014,...
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July 1, 2017. The assignment agreement calls for BLANK company to
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charge of 4% of the accounts receivable, and interest on the loan
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