View Policies Show Attempt History Current Attempt in Progress On April 1, 2020, Sheffield Company assigns...

  

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View Policies Show Attempt History Current Attempt in Progress On April 1, 2020, Sheffield Company assigns $549,200 of its accounts receivable to the Third National Bank as collateral for a $305,600 loan due July 1, 2020. The assignment agreement calls for Sheffield to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). (a) Your answer is correct. Prepare the April 1, 2020, journal entry for Sheffield Company. Of no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not Indent manually) Debit Credit Date Apr. 1, 2020 Account Titles and Explanation Cash Interest Expense Notes Payable eTextbook and Media 289124 16476 305600 (b) Prepare the journal entry for Sheffield's collection of $362,200 of the accounts receivable during the period from April 1, 2020, through June 30, 2020. (If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 4 used Submit Answer (c) The parts of this question must be completed in order. This part will be available when you complete the part above. View Policies Show Attempt History Current Attempt in Progress On April 1, 2020, Sheffield Company assigns $549,200 of its accounts receivable to the Third National Bank as collateral for a $305,600 loan due July 1, 2020. The assignment agreement calls for Sheffield to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). (a) Your answer is correct. Prepare the April 1, 2020, journal entry for Sheffield Company. Of no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not Indent manually) Debit Credit Date Apr. 1, 2020 Account Titles and Explanation Cash Interest Expense Notes Payable eTextbook and Media 289124 16476 305600 (b) Prepare the journal entry for Sheffield's collection of $362,200 of the accounts receivable during the period from April 1, 2020, through June 30, 2020. (If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 4 used Submit Answer (c) The parts of this question must be completed in order. This part will be available when you complete the part above.

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Sheffield Company Journal Enteries Trans Particulars ... View the full answer