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  3. on october 1, 2020, culver, inc. assigns $1,242,40

On October 1, 2020, Culver, Inc. assigns $1,242,400 of its accounts receivable to Larkspur National...

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Accounting

On October 1, 2020, Culver, Inc. assigns $1,242,400 of its accounts receivable to Larkspur National Bank as collateral for a $722,600 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 10%. Prepare the October 1 journal entries for both Culver and Larkspur

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