On October 1, 2020, Bonita, Inc assigns $ 1,033, 100 of its accounts receivable to...
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On October 1, 2020, Bonita, Inc assigns $ 1,033, 100 of its accounts receivable to Windsor National Bank as collateral for a $ 716,300 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 10%. Prepare the October 1 journal entries for both Bonita and Windsor. (If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation Bonita. Inc Oct. 1 Windsor National Bank Oct. 1
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