Question: Please record Assignment of Accounts Receivable based on data below: Feb. 28 1. Record purchase of 110,000.00 inventory on account 2. Sell inventory for 250,000.00

Please record Assignment of Accounts Receivable based on data below:
Feb. 28
1. Record purchase of 110,000.00 inventory on account
2. Sell inventory for 250,000.00 on account
COGS 100,000
1-Mar
3. Assign 175,000.00 in receivables, discount rate 0.30
fee 0.08 Monthly interest 0.04
4. Settle trade accounts payable of 110,000.00 in full
31-Mar
5. Record receipt of 60,000.00 cash
Adjust assigned receivables and make payment to lender
30-Apr
6. Record receipt of 50,000.00 cash
Adjust assigned receivables and make payment to lender
31-May
7. Record receipt of 35,000.00 cash
Adjust assigned receivables and make payment to lender

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