On june 30, 2021, the high five surfboard company had outstanding accounts receivable of $600,000. on july 1, 2021, the company borrowed $450,000 from the equitable finance corporation and signed a promissory note. interest at 10% is payable monthly. the company assigned specific receivables totaling $600,000 as collateral for the loan. equitable finance charges a finance fee equal to 1.8% of the accounts receivable assigned. required: prepare the journal entry to record the borrowing on the books of high five surfboard. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Prepare the operating activities section—indirect method.(lo 4), apthe income statement of paxson company is presented here. paxson companyincome statementfor the year ended november 30, 2014sales revenue $7,600,000cost of goods sold beginning inventory$1,900,000 purchases4,400,000goods available for sale6,300,000 ending inventory1,600,000total cost of goods sold 4,700,000gross profit 2,900,000operating expenses selling expenses450,000 administrative expenses700,0001,150,000net income $1,750,000additional information: prepare the operating activities section—indirect 1. accounts receivable decreased $380,000 during the year, and inventory decreased $300,000.2. prepaid expenses increased $150,000 during the year.3. accounts payable to suppliers of merchandise decreased $350,000 during the year.4. accrued expenses payable decreased $100,000 during the year.5. administrative expenses include depreciation expense of $110,000.instructionsprepare the operating activities section of the statement of cash flows for the year ended november 30, 2014, for paxson company, using the indirect method. net cash provided $1,940,000