On October 1, 2018, Watergate Hotels borrowed $400,000 at 12% interest and pledged $500,000 in accounts receivables as collateral. Additionally, Watergate was charged a finance fee equal to 1% of accounts receivable assigned. On December 1, 2018, $300,000 of the assigned receivables were collected on December 31, all cash collected, in addition to accrued interest was remitted to the lender. Required: Prepare journal entries to: (1) record the borrowing (2) collect the cash for the receivables, and (3) remit payment to the lender