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Prepare the April journal entry for Novak Company

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Problem - On April 1, 2020, Novak Company assigns $520.500 of its accounts receivable to the Third National Bank as collateral for a $340,400 loan due July 1, 2020. The assignment agreement calls for Novak 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, 2020, journal entry for Novak Company.

Reference no: EM132988277

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