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Prepare the journal entry for Sage collection

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Question - On April 1, 2020, Sage Company assigns $525,800 of its accounts receivable to the Third National Bank as collateral for a $342,800 loan due July 1, 2020. The assignment agreement calls for Sage to continue to collect the receivables. Third National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type).

Required - Prepare the journal entry for Sage's collection of $373,500 of the accounts receivable during the period from April 1, 2020, through June 30, 2020.

Reference no: EM132619827

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