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Business, 04.11.2020 18:20 alyssakretzmeier

Kraven Corp. borrows $100,000 by signing on a 1-year, 8% promissory note from General Finance Company and assigns $120,000 of its accounts receivable as collateral for the loan. General Finance charges a financing fee of 1% of the receivables assigned. The journal entry for Kraven to record the borrowing will include a

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Kraven Corp. borrows $100,000 by signing on a 1-year, 8% promissory note from General Finance Compan...
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