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On October 1, 2020, Sandhill, Inc. assigns $1,122,400 of its accounts receivable to Teal National Bank as collateral for a $719,700 note. The bank assesses

On October 1, 2020, Sandhill, Inc. assigns $1,122,400 of its accounts receivable to Teal 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 Sandhill and Teal

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