Exercise 7-15 On April 1, 2020, Headland Company assigns $501,500 of its accounts receivable to the Third National Bank as collateral for a $318,000 loan due July 1, 2020. The assignment agreement calls for Headland 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). Prepare the April 1, 2020, journal entry for Headland 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.) Debit Credit Date Account Titles and Explanation Apr. 1, 2020 SHOW LIST OF ACCOUNTS Prepare the journal entry for Headland's collection of $376,000 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 Debit Credit SHOW LIST OF ACCOUNTS On July 1, 2020, Headland 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 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Debit Credit Date Account Titles and Explanation July 1, 2020 Click if you would like to Show Work for this question: Open Show Work