On November $30,$ Petrov Company has $$113,600$ of accounts receivable and uses the perpetual inventory system.

December $4$ Sold $$7,945$ of merchandise $($that had cost $$5,085)$ to customers on credit, terms n$/30.$

December $9$ Sold $$15,904$ of accounts receivable to Main Bank. Main charges a $4\%$ factoring fee.

December $17$ Received $$4,370$ cash from customers in payment on their accounts.

December $27$ Borrowed $$9,088$ cash from Main Bank, pledging $$11,814$ of accounts receivable as security for the loan.

$(1)$ Prepare journal entries to record the above transactions.

$(2)$ Which transaction would most likely require a note to the financial statements?