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 Jordans 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 Jordans journal entries to record the cash receipt and the payment to McLaughlin