Question 6 (1 point) On December 1, Redson Co. borrowed $800,000 at 12% interest and assigned $1,000,000 in accounts receivable as collateral. Additionally, Redson was charged a finance fee equal to 1% of the accounts receivable a signed. On 12/15, $600,000 of the assigned receivables were collected. On 12/31, the collected receivables were remitted to the lender along with accrued interest. Which of the following statements is true? On 12/1, debits cash for $1,000,000 On 12/1, credits accounts receivable for $1,000,000 All of the above is true. None of the above is true Question 7 (1 point) (continued from previous question) Which of the following journal entries recorded by Redson are correct? Credit accounts receivables for $600,000 on 12/15. Debit an expense account for $10,000 on 12/1 Debit an expense account for $8,000 on 12/31 All of the above is correct None of the above is correct