Adjusting entries on april 1 2010 prince company assigns

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Reference no: EM13579202

Adjusting Entries: On April 1, 2010, Prince Company assigns $500,000 of its Accounts Receivable to the Third National Bank as collateral for a $300,000 loan due July 1, 2010. The assignment agreement calls for Prince Company to continue to collect the receivables. Third National Bank asses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this Type:). Prepare the journal entry for Prince%u2019s collection of $350,000 of the accounts receivable during the period from April 1, 2010 through June 30, 2010. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

Reference no: EM13579202

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