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Instructions Furman Corporation entered into an assignment agreement with a finance company whereby Furman would be advanced 80% of all accounts assigned, minus a $2,000 service charge. The assignment does not meet the conditions for a sale and should be accounted for as a secured borrowing. During the year $300,000 of accounts receivable were assigned, $220,000 collections were made on outstanding assigned accounts, and $210,000 was remitted to the finance company. This remittance included interest charges of $2,100. Sales returns and allowances on assigned accounts amounted to $5,000. Required: 1. Prepare the journal entries necessary to record the preceding information 2. Show how the preceding information would be reported on Furman's year-end balance sheet (assume the note payable is short-term) General Journal Prepare the journal entries necessary to record the assignment the colections on ssoned accounts and returns on assigned accounts Additional Iafoermetion PADE GENERAL JOURNAL DATE ACCOUNT TITLE POST, RER 10 12 eneral Jour Balance She Show how the information would be reported on Furman's vear end balance sheet (assume the note payable is short-term) Additional Instructions Furman Corporation Partial Balance Sheet December 31 2016 abel Accounts Receivable Assigned Labe Notes Payable

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