On April 1, 2014, Prince Company assigns $500,000 of its accounts receivable to the Third National Bank as collateral for a $300,000 loan due July 1, 2014. The assignment agreement calls for Prince Company to continue to collect the receivables. Third National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% per annum (a realistic rate of interest for a note of this type). (a) Prepare the April 1, 2012, journal entry for Prince Company
(b) Prepare the journal entry for Prince
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