On April 1, 2020,AyayaiCompany assigns $531,400of its accounts receivable to the Third National Bank as collateral for a $313,600loan due July 1, 2020. The assignment agreement calls forAyayaito continue to collect the receivables. Third National Bank assesses a finance charge of4% of the accounts receivable, and interest on the loan is10% (a realistic rate of interest for a note of this type).

1) Prepare the April 1, 2020, journal entry forAyayaiCompany.

2) Prepare the journal entry forAyayai's collection of $387,200of the accounts receivable during the period from April 1, 2020, through June 30, 2020

3) On July 1, 2020,Ayayaipaid Third National all that was due from the loan it secured on April 1, 2020. Prepare the journal entry to record this payment.

Question 11 View Policies Current Attempt in Progress On April 1. 2020, Ayayal Company assigns $531.400 of its accounts receivable to the Third National Bank as collateral for a $313,600 loan due July 1. 2020. The assignment agreement calls for Avayal 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 Ayayai Company. (If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually Date Account Titles and Explanation Debit Credit Apr. 1. 2020 e Textbook and Media Prepare the journal entry for Ayayal's collection of $387.200 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 Textbook and Media On July 1, 2020, Ayayai 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 O for the amounts. Creat account titles are automatically indented when the amount is entered. Do not indent manually] Data Account Titles and Explanation Debit Credit July 1, 2020 @Textbook and Media