what is the answer for question 7.15

por Dember 31, 2021. e. Assuming Ed Abbey Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2012 E71 (LOS) (Assigning Accounts Receivable) On April 1, 2020, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200, con los de July 1, 2020. The assignment agreement calls for Rasheed to continue to collect the receivables. Third National Bank assesses a finance charge of of the accounts receivable and interest on the las 10% (a realistie rate of interest for a note of this type). Instructions a. Prepare the April 1, 2020, journal entry for Rasheed Company b. Prepare the journal entry for Rasheed's collection of $350,000 of the accounts receivable during the period from April 1, 2020, through June 30, 2020. c. On July 1, 2020, Rasheed paid Third National all that was due from the loan it secured on April , 2000. Prepare the journal entry to record this payment