Exercise 7-18 Assigning of specific accounts receivable [LO7-8] On June 30, 2018, the High Five Surfboard Company had outstanding accounts receivable of $720,000. On July 1, 2018, the company borrowed $570,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The company assigned specific receivables totaling $720,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.2% 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