On June $30,2024,$ the High Five Surfboard Company had outstanding accounts receivable of $$780,000.$ On July $1,2024,$ the company

borrowed $$630,000$ from the Equitable Finance Corporation and signed a promissory note. Interest at $10\%$ is payable monthly. The

company assigned specific receivables totaling $$780,000$ as collateral for the loan. Equitable Finance charges a finance fee equal to

$1\mathrm{.}5\%$ of the accounts receivable assigned.

Required:

Prepare the journal entry to record the borrowing on the books of High Five Surfboard.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.