Brief Exercise 7-9 On October 1, 2017, Kingbird, Inc. assigns $1,081,900 of its accounts receivable to Oriole National Bank as collateral for a $700,500 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 10%. Prepare the October 1 journal entries for both Kingbird and Oriole. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) and Do not indent Account Titles and Explanation Kingbird,Inc. Date Credit Oct. 1 Oriole National Bank Oct. 1