On December 1 of the current year, Jordan Inc. assigns $110,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges an $850 service fee, advances 80% 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.

Answer rating: 100% (QA)

n the books of Jordan Inc Date Account ... View the full answer