Question: On June 3 0 , 2 0 2 4 , the High Five Surfboard Company had outstanding accounts receivable of $ 6 8 0 ,

On June 30,2024, the High Five Surfboard Company had outstanding accounts receivable of $680,000. On July 1,2024, the
company borrowed $530,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 12% is payable
monthly. The company assigned specific receivables totaling $680,000 as collateral for the loan. Equitable Finance charges a finance
fee equal to 1.8% of the accounts receivable assigned.
Required:
Prepare the journal entry to record the borrowing on the books of High Five Surfboard.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Answer is not complete.
On June 30,2024, the High Five Surfboard Company had outstanding accounts

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