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On October 1, 2017, Whispering, Inc. assigns $1,262,200of its accounts receivable to Metlock National Bank as collateral for a $702,300note. The bank assesses a finance

On October 1, 2017, Whispering, Inc. assigns $1,262,200of its accounts receivable to Metlock National Bank as collateral for a $702,300note. The bank assesses a finance charge of2% of the receivables assigned and interest on the note of8%.

Prepare the October 1 journal entries for both Whispering and Metlock

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