Accord issuod a credit memo to a customer, whose account is assigned with the bank, for defective merchandise returned amounting to P150,000. Collections of P 2,500,000 were made from the assigned accounts, less 2% cash discount Remittod the collections of P 2,500,000 to the bank plus interest fro one month at a rate of 18% per year July 21 July 31 August 1 August 15 Assigned accounts amounting to P 50,000 were found to be worthless and were writen off August 31 Collections of P 1,000,000 were made from the assigned accounts September I Paid the balance due to the bank plus interest. The balance in the assigned accounts, if any, is reverted to unassigned accounts after final settlement with the bank Prepare necessary journal entries to record the above transactions. (3) Accord Company had the following transactions during 2009 Accord assigned P 4,000,000 of accounts reocivable to a bank in consideration of a loan. The bank advanced 80% of the assigned accounts receivable less service charge of 5% based on the amount of the loan. Customers were not notified of the assignment; thus Accord continues to make the collection. July I 60 Lecture Notes in Financial Accounting J Aug. 1.Remitted the collections of P2,500,000 to the bank plus interest for one month at a rate of 18% per year. Aug. 15.Assigned accounts amounting to P50, 000 were found worthless and were written off. Aug.31.Collections of P1, 000,000 were made from the assigned accounts. Sept. 1.Paid the balance due to the bank plus interest. The balance in the assigned accounts, if any, is reverted to unassigned accounts after final settlement with the bank. Prepare necessary journal entries to record the above transactions