On April $1,2023,$ Concord Corporation assigns $$350,000$ of its accounts receivable to First National Bank as collateral for a $$150,000$

loan that is due July $1,2023.$ The assignment agreement calls for Concord to continue to collect the receivables. First National Bank

assesses a finance charge of $2\%$ of the accounts receivable, and interest on the loan is $9\%,$ a realistic rate for a note of this type.

$($a$).$

$($b$)$

$($c$)$

On July $1,2023,$ Concord paid First National Bank the entire amount that was due on the loan. Prepare the journal entry. $($Credit

account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for

the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$