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 $$5,215,$ with terms $\frac{n}{30}.$ The cost of the merchandise was $$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 $\frac{n}{30}.$

Note: Enter debits before credits