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 $750 service fee, advances 85% of Jordan's accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance On December 31, Jordan Inc. received $50,000 on assigned accounts. Required: Prepare Jordan's journal entries to record the cash receipt and the payment to McLaughlin structions Chart of Accounts CHART OF ACCOUNTS Laugh on an Jordan Inc. General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue EXPENSES 500 Cost of Goods Sold 121 Accounts Receivable 124 Accounts Receivable Assigned 141 Inventory 152 Prepaid Insurnce 181 Equipment 198 Accumulated Depreciation 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense LIABILITIES 211 Accounts Payable 221 Notes Payable 231 Salaries Payable 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense 250 Unearned Revenue 261 Income Taxes Payable EQUITY 311 Common Stopk 331 Retained Earnings