On June 30,2024 , the High Five Surfboard Company had outstanding accounts receivable of $770,000. On July 1, 2024, the company borrowed $620,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 12% is payable monthly. The company assigned specific receivables totaling $770,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.2% 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