Refer to RE6-8. On December 31, Jordan Inc. received $50,000 on assigned accounts. Prepare Jordans journal entries

Question:

Refer to RE6-8. On December 31, Jordan Inc. received $50,000 on assigned accounts. Prepare Jordan’s journal entries to record the cash receipt and the payment to McLaughlin.
RE6-8
On December 1 of the current year, Jordan Inc. assigns $125,000 of its to McLaughlin Company for cash. McLaughlin Company charges a $750 service fee, advances 85% of Jordan’s and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...