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On December 1 of the current year, Jordan Inc. assigns $125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a $800

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On December 1 of the current year, Jordan Inc. assigns $125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a $800 service fee, advances 85% of Jordan's accounts receivable, and charges an annual interest rate of 9% on any outstandingcan balance Required: Prepare the related journal entries for Jordan

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