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Prepare the october 1 journal entries for chung or seneca

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Reference no: EM131113030

1. On October 1, 2010, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National Bank as collateral for a $750,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Chung and Seneca. 

Reference no: EM131113030

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