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Prepare journal entry for bonita company

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Question: On April 1, 2017, Bonita Company assigns $520,500 of its accounts receivable to the Third National Bank as collateral for a $340,400 loan due July 1, 2017. The assignment agreement calls for Bonita to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type).

Prepare the April 1, 2017, journal entry for Bonita Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Reference no: EM132744970

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