On November $30,$ Petrov Company has $$122,400$ of accounts receivable and uses the perpetual inventory system. On November $30,$ Petrov Company has $$122,400$ of accounts receivable and uses the perpetual inventory system.

December $4$ Sold $$6,425$ of merchandise $($that had cost $$4,112)$ to customers on credit, terms $\frac{n}{30}.$

December $9$ Sold $$17,136$ of accounts receivable to Main Bank. Main charges a $4\%$ factoring fee.

December $17$ Received $$3,534$ cash from customers in payment on their accounts.

December $27$ Borrowed $$9,792$ cash from Main Bank, pledging $$12,730$ 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?

Complete this question by entering your answers in the tabs below.

Prepare journal entries to record the above transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your answers to

the nearest whole dollar amount.

Journal entry worksheet

Sold $$6,425$ of merchandise to customers on credit, terms $\frac{n}{30}.$

Note: Enter debits before credits. the nearest whole dollar amount.

Journal entry worksheet

$1$

$2.....................$

$3$

$4$

$5$

$6$

Record the cost of goods sold, $$4,112.$

Note: Enter debits before credits.

$1$ Required $1$

Prepare journal entries to record the above transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round

the nearest whole dollar amount.

Journal entry worksheet

Sold $$17,136$ of accounts receivable to Main Bank. Main charges a $4\%$

factoring fee.

Note: Enter debits before credits. Prepare journal entries to record the above transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Roun

the nearest whole dollar amount.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

Received $$3,534$ cash from customers in payment on their accounts.

Note: Enter debits before credits.Prepare journal entries to record the above transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round

the nearest whole dollar amount.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

Borrowed $$9,792$ cash from Main Bank.

Note: Enter debits before credits.

December $4$ Sold $$6,425$ of merchandise $($that had cost $$4,112)$ to customers on credit, terms n$/30.$

December $9$ Sold $$17,136$ of accounts receivable to Main Bank. Main charges a $4\%$ factoring fee.

December $17$ Received $$3,534$ cash from customers in payment on their accounts.

December $27$ Borrowed $$9,792$ cash from Main Bank, pledging $$12,730$ 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?

Journal Entry $6is$ Pledged $$12,730$ of accounts receivable as security for the loan.