x 1 Student Portal O WileyPLUS gen.wileyplus.com/edugen/Iti/main.uni JS IS Kieso, Intermediate Accounting, 17e Help I System Announcements CALCULATOR PRINTER VERSION ( BACK NEXT Exercise 7-15 (Part Level Submission) On April 1, 2020, Cullumber Company assigns $505,300 of its accounts receivable to the Third National Bank as collateral for a $327,200 loan due July 1, 2020. The assignment agreement calls for Cullumber to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). (a) Prepare the April 1, 2020, journal entry for Cullumber Company. (If no entry is reguired, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 1, 2020 d. SHOW LIST OF ACCOUNTS LINK TO TEXT Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER (Ь) Activate Wnds The parts of this question must be completed in order. This part will be available when you complete the part above. 2:04 PM 4/5/2020 e to search

x 1 Student Portal O WileyPLUS gen.wileyplus.com/edugen/Iti/main.uni JS IS Kieso, Intermediate Accounting, 17e Help I System Announcements CALCULATOR PRINTER VERSION ( BACK NEXT Exercise 7-15 (Part Level Submission) On April 1, 2020, Cullumber Company assigns $505,300 of its accounts receivable to the Third National Bank as collateral for a $327,200 loan due July 1, 2020. The assignment agreement calls for Cullumber to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). (a) Prepare the April 1, 2020, journal entry for Cullumber Company. (If no entry is reguired, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 1, 2020 d. SHOW LIST OF ACCOUNTS LINK TO TEXT Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER (Ь) Activate Wnds The parts of this question must be completed in order. This part will be available when you complete the part above. 2:04 PM 4/5/2020 e to search

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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