On April 1, 2020, Monty Company assigns $549,600 of its accounts receivable to the Third National Bank as collateral for a $301,200 loan due July 1, 2020. The assignment agreement calls for Monty to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type).

Monty's collection of $363,200 of the accounts receivable during the period from April 1, 2020, through June 30, 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit