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Prepare the april journal entry for marigold corp

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Reference no: EM133035349

Problem - On April 1, 2020, Marigold Corp. assigns $370,000 of its accounts receivable to First National Bank as collateral for a $290,000 loan that is due July 1, 2020. The assignment agreement calls for Marigold to continue to collect the receivables. First National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 9%, a realistic rate for a note of this type.

Required - Prepare the April 1, 2020 journal entry for Marigold Corp.

Reference no: EM133035349

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