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Journal entry: account receivable
If I want to take out a loan for $100,00, but in order to do that I need to assigned my accounts receivable of $150,000 to XX company. XX company charges a finance fee of 2% of the loan & 12% interest rate on the note.
Also, within a month we collected $60,000 on assigned accounts. Which was remitted to XX company with the monthly interest. |
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