Exercise 9-16 Selling and pledging accounts receivable On November 30, Petrov Co. has $128.700 of accounts receivable and uses the perpetual inventory sys. tem. (1) Prepare journal entries to record the following transactions. (2) Which transaction would most likely require a note to the financial statements? Dec. 4 Sold $7,245 of merchandise (that had cost $5.000) to customers on credit, terms n/30. 9 Sold $20,000 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $5,859 cash from customers in payment on their accounts. 27 Borrowed $10,000 cash from Main Bank, pledging $12.500 of accounts receivable as security for the loan