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Prepare the october journal entries

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Question - On October 1, 2017, Whispering, Inc. assigns $1,262,200 of its accounts receivable to Metlock National Bank as collateral for a $702,300 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 8%.

Prepare the October 1 journal entries for both Whispering and Metlock?

Reference no: EM132178847

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