+1(805) 568 7317

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


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:

"Order a similar paper and get 15% discount on your first order with us
Use the following coupon

Order Now