Solve please

A note payable was executed by Sterling Inc-and sent to Miami Finance Company. Sterling inc. used 5240,000 of its accounts receivable as collateral for the loan. The contract provided that Miami would advance 85% of the gross amount of the receivables. Sterling Inc. continues to collect payments for the receivables, and the cash from customers is then remitted to the finance company. The cash remitted is first applied to the finance charges, with the remainder applied to principal. During the first month, customers owing 5164,000 paid cash, less sales returns and allowances of 56,400,0 originaliy recorded as a refund liability, The finance charge at the end of the first month was $1,400. During the second month, the remaining receivables were collected in full, except for $1,600 written off as uncollectible. Final setternent was effected with the finance company, including paryment of an additional finance charge of $600. Required Record the entry for Sterling to record the secured borrowing b. Record the first month entries for Sterling to record (1) the collections and (2) the payment to Miami. Record the entries for Sterling to record (1) the collections for the second month and (2) the final payment to Miami. a. Record the entry for Sterling to record the secured borrowing: b. Record the first month entries for Sterling to record (1) the collections and (2) the payment to Miami. c. Record the entries for Sterling to record (1) the collections for the second month and (2) the final payment to Miami