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On October 1, 2017, Ayayai, Inc. assigns $1,274,100 of its accounts receivable to Pina National Bank as collateral for a $730,900 note. The bank assesses

On October 1, 2017, Ayayai, Inc. assigns $1,274,100 of its accounts receivable to Pina National Bank as collateral for a $730,900 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Ayayai and Pina

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