On October 1, 2020, Sheridan, Inc. assigns $1,122,400 of its accounts receivable to Skysong National Bank as collateral for a $719,700 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 10%. Prepare the October 1 journal entries for both Sheridan and Skysong.
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On October 1, 2020, Sheridan, Inc. assigns $1,122,400 of its accounts receivable to Skysong National...
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