Business
Business, 09.11.2020 16:40, rosyjesus297

Sheridan Company assigns $4570000 of its accounts receivables as collateral for a $2.94 million loan with a bank. The bank assesses a 2% 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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Sheridan Company assigns $4570000 of its accounts receivables as collateral for a $2.94 million loan...

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