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Pr. 7-161-Accounts receivable assigned Prepare journal entries for Mars Co. for: (a) Accounts receivable in the amount of $500,000 were assigned to Utley Finance Co. by Mars as security for a loan of $425,000. Utley charged a 3% commission on the accounts, the interest rate on the note is 12% (b) During the first month, Mars collected $200,000 on assigned accounts after deducting $450 of discounts. Mars wrote off a $530 assigned account. (c) Mars paid to Utley the amount collected plus one month's interest on the note Solution 7-161 15,000 425,000 450 530 200,980 4,250 204,250