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

Please answer with detail explanation and workingPlease 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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