Problem 5: On June 1, 2020, Swan Company assigned P 2,000,000 accounts receivableto a bank for loan on the following basis: 75% cash advance, 4% service charge on gross accounts assigned, 2% interest per month isto be charged and the bank makes the collections. The entity signed a promissory note for the loan. On July 1, 2020, received notice from bank that P 1,000,000 ofthe assigned accounts were collected. A check was sent to the bank for one month interest charge. On August 1, 2020, received notice from the bank that assigned accounts ofP 800,000 were collected in full and remaining accounts ofP 200,000 were being returned. Accordingly, a check was received from the bank in settlement ofthe assignment contract. In making the settlement, the bank deducted the interest charge for the corresponding period. REQUIRED: Prepare journal entries