5. On October 1, 2021, Gomez Inc. assigns $1,600,000 of its accounts receivable to Ottawa National bank as collateral for a $1,200,000 note. The bank assesses a finance charge of 2% of the receivables...

5. On October 1, 2021, Gomez Inc. assigns $1,600,000 of its accounts receivable to Ottawa National<br>bank as collateral for a $1,200,000 note. The bank assesses a finance charge of 2% of the receivables<br>assigned and interest on the note of 7%. Prepare the October 1, 2021 journal entries for Gomez.<br>

Extracted text: 5. On October 1, 2021, Gomez Inc. assigns $1,600,000 of its accounts receivable to Ottawa National bank as collateral for a $1,200,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 7%. Prepare the October 1, 2021 journal entries for Gomez.

Jun 09, 2022

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5. On October 1, 2021, Gomez Inc. assigns $1,600,000 of its accounts receivable to Ottawa National bank as collateral for a $1,200,000 note. The bank assesses a finance charge of 2% of the receivables...

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