Bruce Willis Limited finances some of its current operations by assigning accounts receivable to a finance company on a notification basis. On July 1 of the current year, it assigned specific accounts amounting to $70,000. The finance company advanced cash to Bruce Willis Limited equal to 80% of the accounts assigned less a finance charge of % of the total accounts assigned. The remaining 20% of the total accounts assigned is withheld until the finance company has made a full recovery. On July 31, Bruce Willis Limited received a statement that the finance company had collected $38,000 of these accounts and had made an additional charge of % of the total accounts outstanding as of July 31. On August 31, Bruce Willis Limited received a second statement from the finance company together with a cheque for the amount due. The statement indicated that the finance company had collected an additional $20,000 and had made a further charge of % of the total accounts outstanding as of August 31. On September 30, Bruce Willis Limited received a third statement from the finance company together with a cheque for the amount due, indicating that the balance of the assigned accounts had been collected, less sales discounts of $240. Required: Prepare journal entries to record all of the above transactions