This paper circulates around the core theme of Adjusting Entries: On April 1, 201X, Jokers Company assigns $600,000 of its accounts receivable to the First National Bank as collateral for a $300,000 loan due July 1, 201X. The assignment agreement calls for Jokers Company to continue to collect the rec together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Adjusting Entries: On April 1, 201X, Jokers Company assigns $600,000 of
its accounts receivable to the First National Bank as collateral for a
$300,000 loan due July 1, 201X. The assignment agreement calls for
Jokers Company to continue to collect the receivables. First National
Bank assesses a finance charge of 2% of the accounts receivable, and
interest on the loan is 10% (a realistic rate of interest for a note of
this type). Prepare the April 1, 201X journal entry for Jokers Company.
You are to prepare the missing adjusting entry. For each journal entry
write Dr. for debit and Cr. for credit.
