Answer and Explanation:
The computation of the ending balance in the Accounts Receivable Assigned and Note Payable is shown below:
For account receivable assigned:
Beginning account receivable $100,000
cash collected -$300,000
Sales returns - $3,000
Cash collected during September -$50,000
Uncollectible account receivable -$2,000
Ending balance of the account receivable $15,000
For note payable
Beginning balance (90% of $100,000) $90,000
Interest on the loan (1% of $90,000) $900
Cash paid during the August -$30,000
Beginning balance of September $60,900
Interest paid (1% of $60,900) $609
Cash paid during September -$50,000
Ending balance $11,509
