On December 1,2024 , General Mole borrowed $400,000 at 12% interest and pledged $500,000 in...
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On December 1,2024 , General Mole borrowed $400,000 at 12% interest and pledged $500,000 in accounts receivable as collateral. Additionally, General Mole was charged a finance fee equal to 1% of the accounts receivable assigned. At the end of December, $300,000 of the assigned recelvables were collected and remitted to the lender along with accrued interest. Required: Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the receivables, and the recognition of interest expense. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 3 Journal entry worksheet Record the collection on the receivables. Note: Enter debits before credits. Journal entry worksheet Record the remittance of the assigned receivables including interest. Note: Enter debits before credits
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