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Prepare the october journal entries

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Question - On oct 1, 2017 Windsor, inc assigns $1,205,800 of its accounts receivable to Sheridan national bank as collateral for a $722,900 note. the bank asses a finance charge of 3% of the receivables assigned and interest on the note of 9%.

Prepare the October 1 journal entries for both Windsor and Sheridan national bank.

Reference no: EM131694061

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