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GarryVolchara [31]
3 years ago
8

Winkler company borrows $85,000 and pledges its receivables as security. the journal entry to record this transaction would be:

Business
1 answer:
nalin [4]3 years ago
6 0
Here, there's an increase in cash and a decrease in receivables. Therefore, the journal entries will be as follows
Dr. Cash .... 85000
Cr. Receivables ..... 85000
Cash borrowed against receivables
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