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Question - On 1 September 2021, ABC Bhd used its receivables totalling RM 350,000 as collateral on a 250,000, 15% note from CIMB Bank. ABC Bhd will continue to collect the assigned receivables. CIMB Bank will charge 2% as a finance charge which will be deducted in advance on the 250,000 value of the note. Collections of receivables for September is RM100,000, less cash discounts of RM800. On 1 October, ABC Bhd paid to the bank the amount owed for September collection plus accrued interest. During October, ABC Bhd collected the remaining accounts except for RM550 written off as uncollectible. On 1 November, ABC Bhd paid to CIMB Bank the remaining account owed plus accrued interest.
Prepare the journal entries necessary for both ABC Bhd and CIMB Bank. Explain each of the account transactions.
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