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  3. on january 1, 2019, jason company assigned $1,000,

On January 1, 2019, Jason Company assigned $1,000,000 of accounts receivable to Easy Finance Corporation...

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Accounting

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On January 1, 2019, Jason Company assigned $1,000,000 of accounts receivable to Easy Finance Corporation as security for a loan of $840,000. Easy Finance Corporation charged a 2% finance charge on the amount of the loan; the interest rate on the loan was 10%. During the month of January, Jason collected $220,000 on assigned accounts receivable. Jason Company made the first partial payment of the loan on January 31, 2019 with the cash collected. Required: Prepare the required journal entries for Jason Company when (a) the loan was made and (b) during the month for collection of accounts receivable and (c) the first partial payment of the loan. Omit explanations. Date Accounts Title and Explanation Ref. Debit Credit

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