Sharjah Co. assigned $600000 of account receivable to Rayan Finance Co as security for a loan of $470000. Rayan charged a 2% commission on the amount of loan, the interest rate on the loan was 10%. During the first month, Sharjah collected $220000 on assigned accounts receivables after deducting 760 of discounts. Sharjah accepted returns worth 2700 and wrote off assigned accounts totaling $5690.

A. The journal entry by Sharjah for the received from Rayan at the time of the transfer was

B. Give the entries during the first month to remit the collection by sharjah