On April 1, 2017, Grouper Company assigns $505,300 of its accounts receivable to the Third...
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On April 1, 2017, Grouper Company assigns $505,300 of its accounts receivable to the Third National Bank as collateral for a $327,200 loan due July 1, 2017. The ass calls for Grouper to continue to collect the receivables. Third National Bank assesse interest for a note of this type) s a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of Prepare the April 1, 2017, journal entry for Grouper are automatically indented when the amount is entered. Do not indent manually.) yselec'NoEntry" fortheacount titles and enter 0 for the amounts. Credit account titles e Account Titles and Explanation Debit Credit Apr. 1, 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry for Grouper's collection of $378,200 of the accounts receivable during the period from April 1, 2017, through June 30, 2017, (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation DebitCredit
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