Question: Please answer with detail explanation and working Please answer correct otherwise skip it Starlight Led. assigned $600,000 of Accounts Receivable to Moonbeam Management as security
Please answer with detail explanation and working
Please answer correct otherwise skip it

Starlight Led. assigned $600,000 of Accounts Receivable to Moonbeam Management as security for a loan of $580.000. Moonbeam charged a 3% commission on the amount of the loan; the interest rate on the loan was 10%. During the first month, Starlight collected $320.000 of the assigned accounts, after deducting $500 of discounts. As well, Starlight accepted returns worth $2,600 and wrote off assigned accounts totalling $4.500. Entries made by Starlight during the first month would include a O debit to Accounts Receivable of $324,500, O debit to Cash of $322,600. O debit to Bad Debts Expense of $4,500. O debit to Allowance for Doubtful Accounts of $4,500
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