On July 1, 2021, Longboat Brewery borrows $800,000 from TD Bank. As part of the agreement, Longboat assigns $900,000 of specific accounts receivable as collateral. If the loan is not paid, TD Bank has the right to convert the accounts receivable to cash (take control of it and collect accounts receivable). Longboat will continue to collect accounts receivable. At the end of the month, Longboat will remit the amount of accounts receivable collected plus 6% interest on the unpaid balance back to TD Bank, which is the prevailing rate for firms as creditworthy as Longboat. TD Bank charges 3% of assigned AR as a finance charge. Assume cash collections during July equal $200,000 and cash collections during August equal $150,000. Prepare any journal entries to record the remittance of August's cash collections to the bank ( 1 point)