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On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $650,000. On July 1, 2021, the company borrowed $500,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 9% is payable monthly The company assigned specific receivables totaling $650,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.4% of the accounts receivable assigned. Required: Prepare the journal entry to record the borrowing on the books of High Five Surfboard. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet C 1 Record the borrowing. Rotel Enter debit before credits General Joumal Debit Credit Date July 01 2021 Mountain High Ice Cream Company transferred $62,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,200) less a 2% fee (2% of the total factored amount) Required: Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the transfer of accounts receivable, Note: Enter debts before credits Event General Journal Debit Credit Pro 13 19 SHE Nay