Exercise 7-16 Selling and pledging accounts receivable LO C3 On November 30, Petrov Co. has $153,700 of accounts receivable and uses the perpetual Inventory system. Dec. 4 Sold $8,000 of merchandise (that had cost $5,120) to customers on credit, terms 30. 9 Sold $21,518 of accounts receivable to Main Bank. Main charges a 40 factoring fee 17 Received $4,400 cash from customers in payment on their accounts. 27 Borrowed $12,296 cash from Main Bank, pledging $15,985 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? Complete this question by entering your answers in the tabs below. Required Required Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet