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On october 1 2010 chung inc assigns 1000000 of its accounts

1. On October 1, 2010, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National Bank as collateral for a $750,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Chung and Seneca.

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Accounting Basics: On october 1 2010 chung inc assigns 1000000 of its accounts

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