On June 30, Petrov Co. has $127,300 of accounts receivable. July 4 Sold $8,530 of merchandise (that had cost $5,459) to customers on credit. 9 Sold $17,822 of accounts receivable to Main Bank. Main charges a 10% factoring fee. 17 Received $4,692 cash from customers in payment on their accounts. 27 Borrowed $10,184 cash from Main Bank, pledging $13,239 of accounts receivable as security for the loan. 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 Journal entry worksheet Sold $8,530 of merchandise to customers on credit. Note: Enter debits before credits. Date General Journal Debit Credit July 04 Record entry Clear entry View general journal On June 30, Petrov Co. has $127,300 of accounts receivable. July 4 Sold $8,530 of merchandise (that had cost $5,459) to customers on credit. 9 Sold $17,822 of accounts receivable to Main Bank. Main charges a 10% factoring fee. 17 Received $4,692 cash from customers in payment on their accounts. 27 Borrowed $10,184 cash from Main Bank, pledging $13,239 of accounts receivable as security for the loan. 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 Journal entry worksheet Record the cost of goods sold, $5,459. Note: Enter debits before credits. General Journal Debit Credit Date July 04 Record entry Clear entry View general journal On June 30, Petrov Co. has $127,300 of accounts receivable. July 4 Sold $8,530 of merchandise (that had cost $5,459) to customers on credit. 9 Sold $17,822 of accounts receivable to Main Bank. Main charges a 10% factoring fee. 17 Received $4,692 cash from customers in payment on their accounts. 27 Borrowed $10,184 cash from Main Bank, pledging $13,239 of accounts receivable as security for the loan. 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 Journal entry worksheet Sold $17,822 of accounts receivable to Main Bank. Main charges a 10% factoring fee. Note: Enter debits before credits. General Journal Debit Credit Date July 09 Record entry Clear entry View general journal
