• On March 1, 2021, X Co. assigns $60,000 of its accounts receivable as a collateral for a loan from John Finance Company. X signed a Note Payable to John for $50,000; John then takes a fee of 5% of the accounts receivable. John also charges 12% interest on the amount of cash X received. If X collects $10,000 in March and remits this amount plus interest owed to John on March 31^st, the journal entry X records on March 31^st will include:

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