On June $30,2024,$ the High Five Surfboard Company had outstanding accounts receivable of $$680,000.$ On July $1,2024,$ the

company borrowed $$530,000$ from the Equitable Finance Corporation and signed a promissory note. Interest at $12\%$ is payable

monthly. The company assigned specific receivables totaling $$680,000$ as collateral for the loan. Equitable Finance charges a finance

fee equal to $1\mathrm{.}8\%$ 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.

Answer is not complete.