Can you explain how to find the correct answer with solutions?

Problem 1 (Computation of Proceeds from Discounting of Notes Receivable) Real Company sold P300,000 of its accounts receivables without recourse to a factoring agency. The purchaser assessed a finance charge of 5%. It also retained 5% to cover adjustments (sales returns, discounts, etc.). What is the journal entry that would be recorded by Real Company on the date of factoring? Problem 2 (Computation of Net Realizable Value of Accounts Receivable) Jinx Company provided the following information for the current year in relation to accounts receivable: Accounts receivable, January 1 1,300,000 Credit sales 5,500,000 Sales return 150,000 Accounts written off 100,000 Collections from customers 5,000,000 Estimated future sales return on December 31 50,000 Estimated uncollectible accounts for aging at year-end 250,000 What amount should be reported as net realizable value of accounts receivable on December 31