Exercise 9-15 Selling and pledging accounts receivable LO C3 On June 30, Petrov Co. has $118,600 of accounts receivable. July 4 Sold $6,255 of merchandise (that had cost $4,003) to customers on credit. 9 Sold $16,604 of accounts receivable to Main Bank. Main charges a 68 factoring fee. 17 Received $3,440 cash from customers in payment on their accounts. 27 Borrowed $9,488 cash from Main Bank, pledging $12,334 of accounts receivable as security for the loan. $16,604 26 cash from customers in leaging $12,334 of Prepare journal entries to record the above selected July transactions. (The company uses the perpetual Inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Date General Journal Credit No 1 Debit 6,255 July 04 Accounts receivable Sales 6,255 1 2 July 04 Cost of goods sold Merchandise inventory 3 July 09 Cash Factoring fee expense Accounts receivable 4 July 17 Cash Accounts receivable