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Prepare the April journal entry for Coronado Company

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Question - On April 1, 2020, Coronado Company assigns $504,100 of its accounts receivable to the Third National Bank as collateral for a $314,000 loan due July 1, 2020. The assignment agreement calls for Coronado to continue to collect the receivables. Third National Bank assesses a finance charge of 4% 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, 2020, journal entry for Coronado Company.

Reference no: EM132482991

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