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On Auqust 1, Sparky assigned $100,000 of the accounts receivable to B Bank and received 90% of the value of the accounts assigned less a
On Auqust 1, Sparky assigned $100,000 of the accounts receivable to B Bank and received 90% of the value of the accounts assigned less a finance fee of $1,000. B Bank charges 1% per month on the outstanding loan balance. Cash collections from assigned accounts are to be remitted monthly to B Bank to cover both principal and interest payments in cash of the accounts receivable assigned $3,000 from assigned accounts. During September, Sparky collected $50,000 in cash on accounts assigned and, in addition, wrote off $2,000 of assigned accounts receivable as uncollectible. As a result of these transactions, determine the ending balance in the Accounts Receivable Assigned and Note Payable. O Accounts Receivable Assigned $20,000; Note O Accounts Receivable Assigned $15,000; Note Payable $11,509 O Accounts Receivable Assigned $15,000, Note Payable $10,000 O Accounts Receivable Assigned $20,000, Note Payable $11,800
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