Question: PLEASE SHOW SOLUTION AND PUT ANSWER IN SAME FORMAT AS IN THE IMAGE. THANKS! On June 30, 2021, the High Five Surfboard Company had outstanding

PLEASE SHOW SOLUTION AND PUT ANSWER IN SAME FORMAT AS IN THE IMAGE. THANKS!

On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $680,000. On July 1, 2021, 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. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) View transaction list Journal entry worksheet Record the borrowing. Note: Enter debits before credits. Date General Journal Debit Credit July 01, 2021 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

PLEASE SHOW SOLUTION AND PUT ANSWER IN SAME FORMAT AS IN THE IMAGE. THANKS! On June 30, 2021, the Esquire Company sold some merchandise to a customer for $46,000. In payment, Esquire agreed to accept...

PLEASE SHOW SOLUTION AND PUT ANSWER IN SAME FORMAT AS IN THE IMAGE. THANKS! On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange....

PLEASE SHOW SOLUTION AND PUT ANSWER IN SAME FORMAT AS IN THE IMAGE. THANKS! Colorado Rocky Cookle Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled...

PLEASE SHOW SOLUTION AND PUT ANSWER IN SAME FORMAT AS IN THE IMAGE. THANKS! Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a...

PLEASE SHOW SOLUTION AND PUT ANSWER IN SAME FORMAT AS IN THE IMAGE. THANKS! Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along...

PLEASE SHOW SOLUTION AND PUT ANSWER IN SAME FORMAT AS IN THE IMAGE. THANKS! El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each...

PLEASE SHOW SOLUTION AND PUT ANSWER IN SAME FORMAT AS IN THE IMAGE. THANKS! Mountain High Ice Cream Company transferred $70,000 of accounts receivable to the Prudential Bank. The transfer was made...

I need help . Full answer and Solution please PLAYING THE ACCOUNTING EQUATION 1. Naruto Uzumaki is an owner of Konoha Enterprises, a sole proprietorship. The company's total assets is PhP726,000. The...

I would like assist for my assessment. The subject is Subsidiary Accounts and Ledgers and Foundation Skills. T-1.8.1 Details of Assessment Term and Year 1, 2017 Time allowed Week 2-7 Assessment No 1...

need all the ones in yellow that are blank answered the first six pictures are the information you need! thanks i need the income statement completed, changes in retained earnings, and balance sheet....

Delayla Bouquet France, the French subsidiary of a British company, Delayla Bouquet British has just received 4.4 million of additional investment from its British parent. Part of the investment is a...

In the figure below we have a charged particle with mass m and charge q in an electric field E that is held in place by the string it is attached to. a) Draw a free body diagram for the forces acting...

Question 1 1 0 pts You purchased a share of stock for $ 1 2 8 . One year later, you received $ 3 . 2 5 as a dividend and sold the share for $ 1 3 2 . Your holding period return was 3 . 1 3 % - 5 . 6...

If the following join statement is used to join two tables in a query, which of the following tables would all of the tuples in the relation appear in results? left join university.students on...