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Business, 30.07.2020 03:01 Alexmills6093

On October 1, 2017, Waterway, Inc. assigns $1,160,700 of its accounts receivable to Wildhorse National Bank as collateral for a $747,900 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Waterway and Wildhorse.

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On October 1, 2017, Waterway, Inc. assigns $1,160,700 of its accounts receivable to Wildhorse Nation...
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