Prepare the journal entry for Sage's collection of $ 359,200 of the accounts receivable during the period from April 1, 2020, through June 30, 2020. (If no entry is required, select "No Entry"for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit e Textbook and Media On July 1, 2020. Sage paid Third National all that was due from the loan it secured on April 1, 2020. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2020 On April 1, 2020, Sage Company assigns $ 539,700 of its accounts receivable to the Third National Bank as collateral for a $ 304,400 loan due July 1, 2020. The assignment agreement calls for Sage to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type) (a) Your answer is correct Prepare the April 1. 2020, journal entry for Sage Company. Of no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Apr. 1 2020 Cash 288209 Interest Expense 16191 Notes Payable 304400