August $1,2012,$ Belger Company assigns $$600,000$ of its accounts receivable to Central Bank as collateral for a $$475,000$ note. Belger continues to collect the accounts receivable. Central Bank assesses a finance charge of $2$ percent of the accounts receivable and interest on the note of $10$ percent. Belger makes monthly payments to the bank for all cash it collects on the receivables.

$1.$ Prepare the journal entry on Belger$$s books for transfer of the accounts receivable and issuance of the note on August $1,2012.$

$2.$ Prepare the journal entry on Central Bank$$s books for transfer of the accounts receivable and issuance of the note on August $1,2012.$

$3.$ Belger collected $$400,000$ of accounts in August less cash discounts of $$4,000$ plus receipts for sales returns of $$10,000.$ Prepare the journal entry on Belger$$s books to record these transactions.

$4.$ Belger remitted August$$s collections to the bank on September $1$st$.$ Prepare the journal entry on Belger$$s books to record these transactions.