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Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2021, the company had accounts receivable of $1,000,000. Lonergan needs approximately $610,000 to capitalize on a unique investment opportunity. On July 1, 2021, a local bank offers Lonergan the following two alternatives:
Problem 1. Prepare the journal entries that would be recorded on July 1 for:
a. alternative a. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Problem 2. Assuming that 90% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for:
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