On March 15, Piece Co. accelerates the collection of outstanding accounts receivable totaling $500,000 with a...

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On March 15, Piece Co. accelerates the collection of outstanding accounts receivable totaling $500,000 with a secured borrowing from a finance company. The finance company will extend a loan equal to 90% of the accounts receivable assigned. The finance company charges a finance fee of 2.0% of the accounts receivable balance and 10% interest on the loan. Prepare the entry required for Piece Co. on March 15 to record the receipt of cash through an assignment of receivables. Date March 15 Check Account Terecord assignment of receivables Dr. On March 15, Piece Co. accelerates the collection of outstanding accounts receivable totaling $500,000 with a secured borrowing from a finance company. The finance company will extend a loan equal to 90% of the accounts receivable assigned. The finance company charges a finance fee of 2.0% of the accounts receivable balance and 10% interest on the loan. Prepare the entry required for Piece Co. on March 15 to record the receipt of cash through an assignment of receivables. Date March 15 Check Account Terecord assignment of receivables Dr.