On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $600,000. On July 1, 2021, the company borrowed $450,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The company assigned specific receivables totaling $600,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.8% of the accounts recevable assigned. Required: Prepare the Journal entry to record the borrowing on the books of High Five Surfboard. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) View transaction flat Journal entry worksheet 1 Record the borrowing: General Journal Credit July 01, 2021 & Prov 9 of 12 Next > MacBOOK