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Business, 05.08.2021 20:40 aprilwilson3p8711m
Concord Corporation assigned $1589000 of accounts receivable to Ivanhoe Company as security for a loan of $1340000. Ivanhoe charged a 3% commission on the amount of the loan; the interest rate on the note was 9%. During the first month, Concord collected $412000 on assigned accounts after deducting $1500 of discounts. Concord accepted returns worth $5000 and wrote off assigned accounts totaling $11900. Entries during the first month would include a
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Concord Corporation assigned $1589000 of accounts receivable to Ivanhoe Company as security for a lo...
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