On A$.$prll $1,2023,$ Metlock Corporatlon asslgns $$360,000$ of Its accounts recelvable to Flrst National Bank as collateral for a $$230,000$

loan that is due July $1,2023.$ The assignment agreement calls for Metlock to contlnue to collect the recelvables. First National Bank

assesses a finance charge of $3\%$ of the accounts recelvable, and Interest on the loan is $8\%,$ a reallstic rate for a note of thls type.

$($a$)$

Prepare the Aprll $1,2023$ Journal entry for Metlock. $($Credlt account titles are outomatically indented when the amount is entered. Do

not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before

credit entries.$)$

Account Titles and Explanation

Debit

Credit

eTextbook and Media

List of Accounts

Attempts: $0$ of $3$ used

$($b$)$

The parts of thls questlon must be completed in order. Thls part will be avallable when you complete the part above