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Partial Question 3 0.5/1.5 pts Use the following information to answer the next 3 questions... On March 1, 2020, accounts receivable in the amount of
Partial Question 3 0.5/1.5 pts Use the following information to answer the next 3 questions... On March 1, 2020, accounts receivable in the amount of $2,000,000 were assigned to Roadrunner Finance Co. by Cactus, Co. as security for a loan of $1,500,000. Roadrunner charged a 3% fee on the assigned accounts; the interest rate on the note is 12%. Complete the journal entry for Cactus, Co. for the March 1st transaction: Cash... 1455000 Interest Expense.......... 45000 Notes Payable.... 1500000 Question 4 2/2 pts Continuing from Question 3... During the month of March 2020, Cactus collected $500,000 on assigned accounts after deducting $1,500 of discounts due to customers. In addition, Cactus wrote off a $2,500 assigned account as uncollectible. Complete the journal entry for Cactus, Co. for the transactions during March: Cash............... 500000 Sales Discounts... 1500 Allowance for Doubt. Acct. 2500 A/R - Assigned..... 504000 Partial Question 5 0.5/1.5 pts Continuing from questions 3 and 4... On March 31st, the amount collected by Cactus was remitted to Roadrunner. Complete the journal entry for Cactus, Co. for the March 31st transaction: Note Payable..... ............. 500000 Interest Expense..... 15000 Cash. 515000
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