Harvard Co. assigned $700,000 of accounts receivable to Rayan Finance Co. as security for a loan of $500,000. Rayan charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During the first month, Harvard collected $230,000 on assigned accounts receivables after deducting $1760 of discounts. Harvard accepted returns worth $2,700 and wrote off assigned accounts totaling $5,960. 3. The journal entry by Harvard for the received from Rayan at the time of the transfer was 4. Give the entries during the first month for the collections by Harvard Use