$20$ points: ESTIMATED TIME $10$ minutes

On April $1,2023$ Accounts receivable in the amount of $$700,000$ were assigned as collateral to the Banco Americano Company by Apollo, Inc., as security for a loan of $$600,000.$ The bank assessed a $4\%$ finance charge on the face amount of the loan, and the note bears interest at $8\%$ per year.

During the month of April, Apollo collected $$390,000$ on assigned accounts. This amount was remitted to the bank along with one month's interest on the note on May $1,2022.$

Instructions

Prepare all the journal entries for Apollo Inc. associated with the transfer of the accounts receivable, the loan, and the remittance to the bank.