View Policies Current Attempt in Progress On April 1, 2020, Stellar Company assigns $549,600 of its accounts receivable to the Third National Bank as collateral for a $301,200 loan due July 1, 2020. The assignment agreement calls for Stellar to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). (a) Prepare the April 1, 2020, journal entry for Stellar Company. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (b) (c) Date Account Titles and Explanation Apr. 1, 2020 eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer Prepare the journal entry for Stellar's collection of $363,200 of the accounts receivable during the period from April 1, 2020, through June 30, 2020. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer On July 1, 2020, Stellar paid Third National all that was due from the loan it secured on April 1, 2020. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 1, 2020 eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer