On October $1,2025,$ Concord, Inc. assigns $$1,263,100$ of its accounts receivable to Marigold National Bank as collateral for a

$$718,300$ note. The bank assesses a finance charge of $3\%$ of the receivables assigned and interest on the note of $9\%.$

Prepare the October $1$ journal entries for both Concord and Marigold. $($If no entry is required, select $"$No Entry" for the account titles and

enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit

entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Concord, Inc.

Marigold National Bank