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19 June, 10:23

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

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  1. 19 June, 11:48
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    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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