Business, 06.06.2020 22:01 mamaKelly2266

On December 1, 2017, Splish Brothers, Inc. assigns $5,280,000 of its accounts receivable to Bonita Bank as collateral for a $3,168,000 note. The bank assesses a finance charge of 1% of the receivables assigned and interest on the note of 6%. Required:
Prepare the October 1 journal entries for both Chung and Seneca.

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On December 1, 2017, Splish Brothers, Inc. assigns $5,280,000 of its accounts receivable to Bonita B...

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