On October 1, 2014, Chung, Inc. assigns $1, 183, 300 of its accounts receivable to Seneca National Bank as collateral for a $716, 500 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 8%. Prepare the October 1 journal entries for both Chung and Seneca. (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.)