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Prepare journal entries for Tanzania Inc

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Question - Prepare journal entries for Tanzania Inc. for:

a) Accounts receivable of $700,000 that were assigned to Chad Finance Co. by Tanzania as security for a loan of $580,000. Chad charged a 4% commission on the value of the accounts receivable; the interest rate on the note is 11%.

b) During the first month, Tanzania collected $300,000 on assigned accounts. As well, Tanzania wrote off a $1,100 assigned account as a bad debt.

c) Tanzania paid Chad the amount collected plus one month's interest on the note.

Reference no: EM132618727

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