Exercise 7-16 Selling and pledging accounts receivable LO C3 On November 30, Petrov Co. has $105,500 of accounts receivable and uses the perpetual inventory system. Dec. 4 Sold $6,710 of merchandise (that had cost $4,294) to customers on credit, terms n/30. 9 Sold $14,770 of accounts receivable to Main Bank. Main charges a 6% factoring fee. 17 Received $3,691 cash from customers in payment on their accounts. 27 Borrowed $8,440 cash from Main Bank, pledging $10,972 of accounts receivable as security for the loan. (1) Prepare journal entries to record the above transactions. (2) Which transaction would most likely require a note to the financial statements? Journal entry worksheet Sold $6,710 of merchandise to customers on credit, terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Dec 04 Record entry Clear entry View general journal Journal entry worksheet Sold $14,770 of accounts receivable to Main Bank. Main charges a 6% factoring fee. Note: Enter debits before credits. Date General Journal Debit Credit Dec 09 Record entry Clear entry View general journal Journal entry worksheet Received $3,691 cash from customers in payment on their accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 17 Record entry Clear entry View general journal Journal entry worksheet