Record journal entries for the following transactions:

July 1Company A sold to B merchandise having a sales price of $8,000 with terms 2/10, net/60. Company A records its sales and receivablesunder the gross method.

July 2Company A assigns its accounts receivable of C from last month's transaction to Credit Corp. for a $5,000 loan due Sept 1. Credit Corp assesses a finance charge of 5% of theloan amountand interest on the note of 10%.

July 9Company A collected payment from B.

Sept 2Company A paid off the loan.