WleyPLUS S Kieso, Intermediate Accounting, 16e ractice Gradebook ORION Downloada

Question

WleyPLUS S Kieso, Intermediate Accounting, 16e ractice Gradebook ORION Downloadable eTexthook ignment Time: 05:58mt , Remang: 9 mn. BACK Exercise 161 e amount of $460,000 were assigned to the Fast Finance Company by Marsh, Inc, as security for a loan of s620,000. The finance company assessed a 4% finance dharge on the face amount of the loan, and the note bears interest at 8% per year. month, Marsh collected $280,000 on apsigned accounts. This amount was remitted to the finance company aleng with one month's incerest on the note Make all the entries for Marsh tnc. associated with the transfer of the accounts recaivable, the loan, and the remittance to the finance companmy.(Credit account titles are automatically indested wen the amount is entered. Do not indent manually Round ansvers to 0 decimal placesg 3,275) Account Titles and Explanation show Work is REQUIRED for this question: Network

Explanation / Answer

Debit Credit Cash $        595,200 Finance charges-4% $          24,800 notes payable $        620,000 (Loan taken) Cash $        280,000 Accounts receivable $        280,000 (Cash collected) notes payable $        280,000 Interest Expenses $            4,133 Cash $        284,133 (Cash paid on notes payable)

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