Question: Part: Required. Prepare journal entry for Max Company for Max Company assigned accounts receivable in the amount of $500,000 to Rapid Finance Company as security

Part: Required. Prepare journal entry for Max Company for Max Company assigned accounts receivable in the amount of $500,000 to Rapid Finance Company as security colateral) for a loan of $425,000 and signed a note. Rapid charged a 3% commission on the accounts receivable the Interest rate on the note is 12% Answer: Accounts Amounts Det Crede

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