Prepare the following $3$ journal entries for Oak $Co.$:

#$1$ Oak Company assigned $$8,000$ of accounts receivable On Time Finance as security for a $$6,000$ loan. On Time charged a $6\%$ commission on the accounts; the interest rate on the note is $12\%.$

#$2$ During the first month, Oak collected $$5,000$ on assigned accounts.

#$3$ The following month Saturn made a payment on the note based on the above accounts receivable collections. Record payment of the note and interest