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Prepare the journal entry for joker collection

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Question - Adjusting Entries: On April 1, 201X, Jokers Company assigns $600,000 of its accounts receivable to the First National Bank as collateral for a $300,000 loan due July 1, 201X. The assignment agreement calls for Jokers Company to continue to collect the receivables. During the year, Joker collected $450,000 worth of receivables.

Prepare the journal entry for Joker's collection of $450,000 of the accounts receivable during 201X. For each journal entry write Dr. for debit and Cr. for credit.

Reference no: EM132055345

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