Accounts receivable in the amount of $ were assigned to the Fast Finance Company by Bramble, Inc., as security for a loan of
$ The finance company assessed a finance charge on the face amount of the loan, and the note bears interest at per
year.
During the first month, Bramble collected $ on assigned accounts. This amount was remitted to the finance company along
with one month's interest on the note.
Make all the entries for Bramble Inc. associated with the transfer of the accounts receivable, the loan, and the remittance to the
finance company. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries
before credit entries.
Account Titles and Explanation
Debit
Credit
To record the transfer of the accounts receivable.
To record the loan amount collected.
