Business, 16.11.2020 16:50, kennrecklezz

On October 1, 2020, Waterway Inc. assigns $1,900,000 of its accounts receivable to Ottawa National Bank as collateral for a $1,114,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 6%. Prepare the October 1 journal entries for both Waterway and Ottawa

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On October 1, 2020, Waterway Inc. assigns $1,900,000 of its accounts receivable to Ottawa National B...