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On December 31, 2020, x assigned $120,000 of its accounts receivables to...

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Accounting

  1. On December 31, 2020, x assigned $120,000 of its accounts receivables to Yeru Bank as collateral for a $100,000 loan. The assignment agreement calls for x to continue to collect the receivables. Yeru assessed a finance charge of 1.5% of the receivables to initiate the loan agreement. The maturity date of the loan is June 30, 2021. Make the journal entry for this assignment of receivables.

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