what are the journal entries for the first month to remit the collection.

Sami Co. assigned $1,600,000 of accounts receivable to Ali Finance Co. as security for a loan of $1,340,000. Ali charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During the first month, Sami collected $440,000 on assigned accounts after deducting $1,520 of discounts. Samara accepted returns worth $5,400 and wrote off assigned accounts totaling $11,920. 6. The. Entries during the first month to remit the collection Collection ani