Jane borrows $100,000 on January 1 from a bank at a 12% interest rate. Jane assigns $140,000 of its accounts receivable as collateral and agreed to pay a financing fee of 2% of accounts receivable assigned. On January 1, Jane's accounting for this transaction will include: a. Debit to cash for $100,000 b. Debit to cash for $97,200 c. Debit to finance expense of $2,000 d. Debit to finance expense of $1,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Jane borrows $100,000 on January 1 from a bank at a 12% interest rate. Jane assigns $140,000 of its accounts receivable as collateral and ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Lightning Semiconductors produces 400,000 hi-tech computer chips per month. Each chip uses a component that Lightning makes in-house. The variable costs to make the component are $1.30 per unit, and the fixed costs are $1,300,000 per month.
Answers (1)
Which one of the following is an advantage of setting up a family day care home? A. Your own child or children will have children to play with. B. You can obtain a tax-exempt status. C. You can enroll as many children as you wish. D.
Answers (2)
The sales of a brand of sneakers rose from $3 million to $3.6 million. find the percent of increase to the nearest whole percent.
Answers (1)
In complete sentences, explain advantage and disadvantage for paying by cash.
Answers (1)
Factors that influence standard of living Which of the following factors played the biggest role in the slow growth of average incomes in the United States during the 1970s and 1980s?
Answers (1)
New Questions in Business
What is a great marketing strategy
Answers (2)
On January 1, 20X8, Package Company acquired 80 percent of Stamp Company's common stock for $280,000 cash.
Answers (1)
Tombert Decorating uses a job order cost system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred.
Answers (1)
Suppose that cookie producers create a positive externality equal to $2 per dozen. What is the relationship between the equilibrium quantity and the socially optimal quantity of cookies to be produced? a. They are equal. b.
Answers (1)
Comfort Cloud manufactures seats for airplanes. The company has the capacity to produce 100,000 seats per year, but currently produces and sells 75,000 seats per year.
Answers (2)