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Cn December 1,2024 , General Mole borrowed $400,000 at 12% interest and pledged $500.000 in accounts recervable as collateral. Addicionelly. General Mole was charged a finance fee equal to 1% of the accounts receivable assigned. At the end of Decembet. $300,000 of the assigned receivables were collected and remated to the lender along with accrued interest. Required: Prepare fournal entries to record the borrowing. the assignment of receivables, the collection on the receivables, and the recognifion of linterest expense Note: If no entry is required for a transaction/event, select "No journol entry required" in the first account fieid. Journal entry worksheet 7 Mecord the barrowing On December 1. 2024. General Mole borrowed $400,000 at 129 interest and podged $500,000 in accounts recelvable as collateral. Aaditionally. General Mole was charged a finance fee equal to 18 of the accounts receivable assigned. At the end of December. $300,000 of the assigned teceivables were collected and remitted to the lender along with accrued interest. Required: Prepare foumal entries to record the borrowing, the assignment of recewables, the collection on the receivables, and the recognition of interest expense Notea if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Resord the collection on the recelvables. Noleingte. debuta betste treats. On December 1. 2024. General Mole borrowed $400,000 at 12% interest and pledged $500,000 in accounts receivable as collateral. Additionally. General Mole was charged a finance fee equal to 1% of the accounts receivable assigned Al the end of December, $300,000 of the assigned receivobles were collected and remitted to the lender along with accrued interest. Required: Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the recenables, and the recognition of interest expense. Note: If no entry is required for a tronsoction/event, select "No journol entry required" in the first account field. Journal entry worksheet Record the remittance of the assignnd receivables induding interest. Werei Enter deht hefore tredits