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question on october 1 2017 novak inc assigns 1 276 300 of its accounts receivable to 4277873

Question

On October 1, 2017, Novak. Inc. assigns $1, 276, 300 of its accounts receivable to Splish National Bank as collateral for a $704,000 note. The bank assesses a finance charge of 3% of the receivables-t assigned and interest on the note of 8%. Prepare the October I journal entries for both Novak and Splish. (It no miry 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.) Click if you would like to Show Work for this question:

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