On June 30, Petrov Co. has $134,100 of accounts receivable. July 4 Sold $8,595 of merchandise (that had cost $5,501) to customers on credit. 9 Sold $18,774 of accounts receivable to Main Bank. Main charges a 2% factoring fee. 17 Received $4,727 cash from customers in payment on their accounts. 27 Borrowed $10,728 cash from Main Bank, pledging $13,946 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.) (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Sold $8,595 of merchandise to customers on credit. 2 Record the cost of goods sold, $5,501. 3 Sold $18,774 of accounts receivable to Main Bank. Main charges a 2% factoring fee. 4 Received $4,727 cash from customers in payment on their accounts. Credit 5 Borrowed $10,728 cash from Main Bank. 6 Pledged $13,946 of accounts receivable as security for the loan. Note : = journal entry has been entered Record entry Clear entry View general journal