On October 1, 2025, Concord, Inc. assigns $1,263,100 of its accounts receivable to Marigold National Bank as collateral for a $718,300 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Concord and Marigold. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Concord, Inc. Marigold National Bank Debit Credit I
On October 1, 2025, Concord, Inc. assigns $1,263,100 of its accounts receivable to Marigold National Bank as collateral for a $718,300 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Concord and Marigold. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Concord, Inc. Marigold National Bank Debit Credit I
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On October 1, 2025, Concord, Inc. assigns $1,263,100 of its accounts receivable to Marigold National Bank as collateral for a
$718,300 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 9%.
Prepare the October 1 journal entries for both Concord and Marigold. (If no entry is required, select "No Entry" for the account titles and
enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit
entries before credit entries.)
Account Titles and Explanation
Concord, Inc.
Marigold National Bank
Debit
Credit
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