On April 1, 2014, Prince Company assigns $500,000 of its accounts receivable to the Third National Bank as collateral for a $300,000 loan due July 1, 2014. The assignment agreement calls for Prince Company to continue to collect the receivables. Third National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% per year (a realistic rate of interest for a note of this type). Instructions: 1. Prepare the April 1, 2014, journal entry for Prince Company. 2. Prepare the journal entry for Prince's collection of $350,000 of the accounts receivable during the period from April 1, 2014, through June 30, 2014(the collections qualified for a 1% discount for paying within the discount period). $20,000 of A/R was also written off. 3. On July 1, 2014, Prince paid Third National all that was due from the loan it secured on April 1, 2014. April 1, 2014 journal entry: Accounts Debits Credits [ Select] [ Select ] > [ Select] [ Select ] [ Select) [Select] July 1, 2014 journal entry: Accounts Debits Credits [ Select ] [Select] [Select] [Select] > [Select ] [Select]