On October 1, 2017, Windsor, Inc. assigns $1,268,900 of its accounts receivable to Sheridan National Bank as collateral for a $701,300 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 8%. Prepare the October 1 journal entries for both Windsor and Sheridan. (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.) Date Account Titles and Explanation Debit Credit Windsor, Inc. Oct. 1 Sheridan National Bank Oct. 1 Click if you would like to Show Work for this question:

On October 1, 2017, Windsor, Inc. assigns $1,268,900 of its accounts receivable to Sheridan National Bank as collateral for a $701,300 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 8%. Prepare the October 1 journal entries for both Windsor and Sheridan. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Windsor, Inc. Oct. 1 Sheridan National Bank Oct. 1 Click if you would like to Show Work for this question: Open Show Work