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Blent Blenty needed additional cash to finance a new factory building valued at $250,000. ...

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Accounting

Blent Blenty needed additional cash to finance a new factory building valued at $250,000. In using his A/R of $300,000.
1. What are the entry if Blent Blenty assigned A/R valued at 50% and gave a promissory note for the balance to the Royal Bank of Canada at November 15,2019? The finance charge is 10%.
a. What is the entry if customers paid the 40% of the note on December 15,2019
2. What is the entry if Blent Blenty factored A/R valued at 50% and gave a promissory note for the balance to the Royal Bank of Canada at November 15,2019?

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