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The given text discusses a scenario involving a company called Pittance Company and their bank loan transactions. On March 1, they borrowed 2 million from the bank with an interest rate of 12% per annum and pledged 3 million in accounts. On April 1, 1 million of the pledged accounts were collected with a 2% discount. On June 1, the remaining pledged accounts were collected, and on September 1, the bank loan along with the interest was repaid. The requirement is to prepare journal entries for these transactions. The entry for March 1 would be to debit cash and credit note payable bank. It is highlighted that there is no advanced interest, so no discount is applied.