Recording a secured borrowing On April 1, NYC Corporation secures a loan from a...
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Recording a secured borrowing On April NYC Corporation secures a loan from a finance company, using its accounts receivable of $ as collateral for the loan. NYC Corporation agrees to remit customer collections as payments on the loan. Loan proceeds are of the receivables less a finance charge on the balance of the assigned receivables. In addition, the finance company charges interest on the unpaid loan balance, payable at the end of each month. Record the April entry for NYC Corporation. 
Recording a secured borrowing
On April NYC Corporation secures a loan from a finance company, using its accounts receivable of $ as collateral for the loan. NYC Corporation agrees to remit customer collections as
payments on the loan. Loan proceeds are of the receivables less a finance charge on the balance of the assigned receivables. In addition, the finance company charges interest on
the unpaid loan balance, payable at the end of each month. Record the April entry for NYC Corporation.
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