1/ 158 On May 31, a company had a balance in its accounts receivable of $103,200. Prepare Journal entries to record the following transactions for June. Sold merchandise on account, $12,000. The cost of the merchandise was $7,200. June 2 Sold $15,000 worth of accounts receivable to First Bank. First Bank June 8 charged a 4% factoring fee. June 20 Borrowed $30,000 cash from Second National Bank, pledging $31,500 worth of accounts receivable as collateral for the loan