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On April I, 2 0 2 4 , Shalom Company assigned P 5 0 0 , 0 0 0 of its accounts receivable in exchange

On April I,

2024,

Shalom Company assigned P

500, 000

of its accounts receivable in exchange of a bank loan. CFAS bank loaned

70 %

to Shalom Company less P

50, 000

service charge. On the books of Shalom Company, what is the journal entry to record the assignment?

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