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Make October journal entries for both Marigold and Ottawa

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Question - On October 1, 2020, Marigold Inc. assigns $1,880,000 of its accounts receivable to Ottawa National Bank as collateral for a $1,028,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 5%. Make the October 1 journal entries for both Marigold and Ottawa.

Reference no: EM132623032

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