Question: solve it please i need the answer to undertsand the concept Use the following to answer questions 8-9: Tumars Co. assigned $800,000 of accounts receivable


Use the following to answer questions 8-9: Tumars Co. assigned $800,000 of accounts receivable to Rayan Finance Co as security for loan of 5670,000. Rayan charged a 2% commission on the amount of the loan, the interest rate on the note was 10%. During the first month, Tamara collected $320,000 on assigned accounts after deducting 5760 of discounts. Tamara accepted returns worth $2,700 and wrote off assigned accounts totaling $5.960. Give the entries during the first month to remit the collection Tamara Co, assigned $800,000 of accounts receivable to Rayan Finance Co. as security for a loan of $670,000. Rayan charged a 2% commission on the amount of the loan, the interest rate on the note was 10%. During the first month, Tamara collected $220,000 on assigned accounts after deducting $760 of discounts. Tamara accepted returns worth $2,700 and wrote off assigned accounts totaling $5,960. Give the entries during the first month to remit the collection
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