On October 1, 2022, Chung Group assigns 1,000,000 of its accounts receivable to Seneca National Bank as
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On October 1, 2022, Chung Group assigns ¥1,000,000 of its accounts receivable to Seneca National Bank as collateral for a ¥750,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 9%. Prepare the October 1, 2022, journal entries for both Chung and Seneca.
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The following journal entries would be recorded on October 1 ...View the full answer
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Related Book For 
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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