Exercise 7-22 (Algo) Assigning of specific accounts receivable [LO7-8) On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $730,000. On July 1, 2021, the company borrowed $580,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 9% is payable monthly. The company assigned specific receivables totaling $730,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.5% of the accounts receivable assigned. Required: Prepare the journal entry to record the borrowing of 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 1 Record the borrowing. Note: Enter debits before credits Date General Journal Debit Credit