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Question 21 On May 31, 2020, accounts receivable in the amount of $500,000 were assigned to the Fast Finance Company by Moen, Inc., as security for a loan of $400,000. The finance company charged a 4% commission on the face amount of the loan, and the note bears interest at 9% per year.

During June 2020, Moen collected $260,000 of the assigned accounts. Of this amount, sales returns were $10,000 and customers availed of $2,000 of sales discounts. The cash collected was remitted to the finance company in addition to accrued interest.

Prepare the journal entries for Moen, Inc. associated with the transfer of the accounts receivable, the loan, and the remittance to the finance company in June 2020.