On December 1 of the current year, Jordan Inc. assigns $250,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a $750 service fee, advances 80% of Jordan's accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. On December 31, Jordan Inc. received $40,000 on assigned accounts. Required: Prepare Jordan's journal entries to record the cash receipt and the payment to McLaughlin. DATE Dec. 1 Cash Service Fee GENERAL JOURNAL ACCOUNT TITLE Accounts Receivable Accounts Receivable Assigned Accounts Payable Score: 28/63 POST. REF. DEBIT 249,250.00 750.00 CREDIT 250,000.00 40,000.00 40,000.00