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On June 30,2024 , the High Five Surfboard Company had outstanding...

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Accounting

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On June 30,2024 , the High Five Surfboard Company had outstanding accounts recelvable of $780,000. On July 1, 2024, the comparry borrowed $630,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The company assigned specific receivables totaling $780,000 as collateral for the loan. Equitable. Finance charges a finance fee equal to 15% of the accounts recelvable assigned Required: Prepare the journal entry to record the borrowing on the books of High Five Surfboard. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet

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