On October $1,2025,$ Metlock, Inc. assigns $$1,122,400$ of its accounts receivable to Bonita National Bank as collateral for a

$$719,700$ note. The bank assesses a finance charge of $3\%$ of the receivables assigned and interest on the note of $10\%.$

Prepare the October $1$ journal entries for both Metlock and Bonita. $($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

Metlock,Inc.