On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $780,000. On July 1. 2021, 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 recelvables totaling $780,000 as collateral for the loan. Equitable Finarice charges a finance fee equal to 15% of the accounts recelvable assigned. Required: Prepare the joumal entry to record the borrowing on the books of High Five Surfboard. (If no entry is required for a trensaction/event, select "No journal entry required" in the first account fleld.)