On November $30,$ Petrov Company has $$128,700$ of accounts receivable and uses the perpetual inventory system.

December $4$ Sold $$7,245$ of merchandise $($that had cost $$5,000)$ to customers on credit, terms $\frac{n}{30}.$

December $9$ Sold $$20,000$ of accounts receivable to Main Bank. Main charges a $4\%$ factoring fee.

December $17$ Received $$5,859$ cash from customers in payment on their accounts.

December $27$ Borrowed $$10,000$ cash from Main Bank, pledging $$12,500$ 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?

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.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

Sold $$7,245$ of merchandise to customers on credit, terms $\frac{n}{30}.$

Note: Enter debits before credits.