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. 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