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Category > Accounting Posted 29 Apr 2017 My Price 3.00

On December 1 of the current year

On December 1 of the current year, Jordan, Inc., assigns $125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a $750 service fee, advances 85% of Jordan’s accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan, Inc.

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Alpha Geek
(8)
Status NEW Posted 29 Apr 2017 06:04 AM My Price 3.00

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Attachments

file 1493447599-1942884_1_636289940857331130_Assigning-accounts-Receivables.xlsx preview (80 words )
19-----------428-----------84&-----------amp-----------;am-----------p;i-----------nfo-----------Id=-----------427-----------763-----------Ass-----------ign-----------ing----------- Ac-----------cou-----------nts----------- Re-----------cei-----------vab-----------les-----------On -----------Dec-----------emb-----------er -----------1 o-----------f t-----------he -----------cur-----------ren-----------t y-----------ear-----------, J-----------ord-----------an,----------- In-----------c.,----------- as-----------sig-----------ns -----------$12-----------5,0-----------00 -----------of -----------its----------- ac-----------cou-----------nts----------- re-----------cei-----------vab-----------le -----------to -----------McL-----------aug-----------hli-----------n C-----------omp-----------any----------- fo-----------r c-----------ash-----------. M-----------cLa-----------ugh-----------lin----------- Co-----------mpa-----------ny -----------cha-----------rge-----------s a----------- $7-----------50 -----------ser-----------vic-----------e f-----------ee,----------- ad-----------van-----------ces----------- 85-----------% o-----------f J-----------ord-----------anâ-----------€™s----------- ac-----------cou-----------nts----------- re-----------cei-----------vab-----------le,----------- an-----------d c-----------har-----------ges----------- an----------- an-----------nua-----------l i-----------nte-----------res-----------t r-----------ate----------- of----------- 9%----------- on----------- an-----------y o-----------uts-----------tan-----------din-----------g l-----------oan----------- ba-----------lan-----------ce.----------- Pr-----------epa-----------re -----------the----------- re-----------lat-----------ed -----------jou-----------rna-----------l e-----------ntr-----------ies----------- fo-----------r J-----------ord-----------an,----------- In-----------c.J-----------ord-----------an -----------Inc-----------J5D-----------ebi-----------tCr-----------edi-----------tFo-----------r
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