BABA Inc. approached the bank for a loan of $200,000 to expand its business. In order to secure the loan, BABA Inc. pledged $750,000 in accounts receivable as collateral against the loan. On July 1, 2023, the bank agreed to the terms and collateral and lent EBABA $200,000 at an interest rate of 6%. What is the journal entry related to this transaction for BABA Inc. on July 1?

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here is the journal entry related to this transaction for BABA Inc on July 1 DateAc... View the full answer