Business
Business, 17.03.2020 19:23, Kurlyash

Azure Inc. assigns $4,000,000 of its accounts receivables as collateral for a $3 million loan with a bank. The bank assesses a 3% finance charge on the loan amount and charges interest on the note at 7%. What would be the journal entry to record this transaction?

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Azure Inc. assigns $4,000,000 of its accounts receivables as collateral for a $3 million loan with a...

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