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Create the related journal entries for Jordan

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Reference no: EM132882024

Problem - On December 1 of the current year, Jordan Inc. assigns $125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a $750 service fee, advances 85% of Jordan's accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Create the related journal entries for Jordan.

Reference no: EM132882024

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