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On December 1 of the current year, Jordan Inc. assigns $110,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges an $850

On December 1 of the current year, Jordan Inc. assigns $110,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges an $850 service fee, advances 80% of Jordan’s accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.


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