On April 1, 2017, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200,000 loan due July 1, 2017. The assignment agreement calls for Rasheed 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% (a realistic rate of interest for a note of this type). Your answer is partially correct. Try again. Prepare the April 1, 2017, journal entry for Rasheed Company. (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.) edugen.wileyplus.com/edugen/shared/assignment/test/qchart.uni?itemid=EAT_14500924953... Date Account Titles and Explanation Debit Credit LINE OF ACCUM CLOSE Apr. 1, 2017 Cash Recourse Liability Notes Payable SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is correct. 192000 8000 Exercise 7-15 Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Bad Debt Expense Cash Cash Over and Short 200000 Due from Factor Prepare the journal entry for Rasheed's collection of $350,000 of the accounts receivable during the per the amounts. Credit account titles are automatically indented when the amount is entered. D Account Titles and Explanation Cash Accounts Receivable Debit Credit 350000 350000 Due to Customer Due Discount on Notes Payable on Discount on Notes Receivable Freight-In Freight-Out Gain on Disposal of Land Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Loss on Sale of Receivables Miscellaneous Expenses No Entry Notes Payable Notes Receivable Office Expense Owner's Drawings Petty Cash Postage Expense Purchase Discounts Recourse Liability Sales Discounts Sales Discounts Forfeited Sales Revenue Service Revenue Supplies Supplies Expenses Untamed Sales Revenue SHOW LIST OF ACCOUNTS Copyright 2000-2018 by John Wiley & Sons, Inc. or related companies. All rights reserved. unt titles and enter 0 f