On August 1, 2020, Sushi Company assigned $100,000 of accounts receivable to Krungsi Bank. Sushi received an advance from the bank of 80% of the assigned accounts receivable, minus a commission on the advance of 5%. The interest rate for the advance was 12% a year and paid at the end of each month. On November 30, 2020, Sushi collected $70,000 on the assigned accounts receivable and suddenly repaid the debt on the same date. The remaining balance of assigned receivables was collected on December 30, 2020, and was repaid for the debt on the next day. 

Instruction: 

Journalize entries on August 1, Nov 30, Dec 30, and Dec 31.

Answer rating: 100% (QA)

August 1 Debit Credit Cash 80000 Accounts Receivable 100000 November 30 Debit Credit Cash 7000... View the full answer