Problem 7-10 Waterway Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2017, it Waterway 80% of the accounts assigned 20% of the total to be withheld until the finance company has made its full recovery), less a finance charge of 0.60% or the total accounts assigned. assigned, under guarantee, specific accounts amounting to $375,000. The finance company advanced to On July 31, Waterway Company received a statement that the finance company had collected $200,000 of these accounts and had nadean additional harge of 0.60% of the total accounts outstanding as of July 31, This charge is to be deducted at the time of the first remittance due Waterway Company from the finance company. (Hint: Make entries at this time.) On August 31, amount due. The statement indicated that the finance company had collected an additional $125,000 and had made a further charge of 0.60% of the balance outstanding as of August 31. 2017, Waterway Company received a second statement from the finance company, together with a check for the Make all entries on the books of Waterway Company that are involved in the transactions above. (II no entry is required select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit July 1 (To record the collection of accounts)