On October 1, 2023, Alpha Inc. assigns $3 million of its accounts receivable to Alberta Provincial Bank
Question:
On October 1, 2023, Alpha Inc. assigns $3 million of its accounts receivable to Alberta Provincial Bank as collateral for a $2.6-million loan evidenced by a note. The bank’s charges are as follows: a finance charge of 4% of the assigned receivables and an interest charge of 10% on the loan. Prepare the October 1 journal entries for both Alpha Inc. and Alberta Provincial Bank.
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Alpha Inc Cash Finance Expense 3000000 X 4 Notes P...View the full answer
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Related Book For 
Intermediate Accounting Volume 1
ISBN: 9781119740469
13th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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