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On May 3 1 , a company had an Accounts Recelvable balance of $ 1 0 7 , 0 0 0 . Prepare journal entrles

On May 31, a company had an Accounts Recelvable balance of $107,000. Prepare journal entrles to record the following transactions
for June. The company uses a perpetual Inventory system.
June 2 sold merchandise on credit for $5,215, with terms n30. The cost of the merchandise was $3,338.
June 8 sold $18,800 of accounts receivable to First Bank. First Bank charges a 4% factoring fee.
June 20 Borrowed $8,560 cash from National Bank, pledging $11,128 of accounts receivable as security for the loan.
Journal entry worksheet
Sold $5,215 of merchandise to customers on credit, terms n30.
Note: Enter debits before credits
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