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On January 1, Davis College assigned 500000 of accounts receivable to the scholastic finance company. Davis gave a 14% note for 450000 representing 90% of
On January 1, Davis College assigned 500000 of accounts receivable to the scholastic finance company. Davis gave a 14% note for 450000 representing 90% of the assigned accounts and received proceeds of 432000 after the deduction of a 4% fee. On February 1, Davis remitted 80000 to scholastic, including interest for 1 month on the unpaid balance. As a result of this 80000 remitttance, accounts receivable assigned and notes payable will be decreased by what amounts for A/R Assigned and Notes Payable?
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