Brief Exercise 7-9 Your answer is partially correct. Try again On October 1, 2017, Teal, Inc. assigns $1,160,700 of its accounts receivable to Flint National Bank as collateral for a $747,900 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 9% Prepare the October 1 journal entries for both Teal and Flint. (If no entry 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.) Date Account Titles and Explanation Debit Credit Teal, Inc Oct. 1 Cash 7130798 Loss on Sale of Receivables 34821 Accounts Receivable 747900 Flint National Bank Oct. 1 Accounts Receivable 1160700 Interest Revenue 34821 Cash 1125879 Click if you would like to Show Work for this question: Open Show Work