A303 Name/Time: Homework Chapter7 PROBLEM On June 30, 20x1, the High Five Surfboard Company had outstanding accounts receivable of $600,000. On July 1, 20x1, the company borrowed $450,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The company assigned specific receivables totaling S600,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.8% of the accounts receivable assigned Required: Prepare the journal entry to record the borrowing on the books of High Five Surfboard 7| P age Spiceland 8 edition Page 7