On November $30,$ Petrov Company has $$141,400$ of accounts receivable and uses the perpetual inventory system.

December $4$ Sold $$5,170$ of merchandise $($that had cost $$3,309)$ to customers on credit, terms n$/30.$

December $9$ Sold $$19,796$ of accounts receivable to Main Bank. Main charges a $4\%$ factoring fee.

December $17$ Received $$2,844$ cash from customers in payment on their accounts.

December $27$ Borrowed $$11,312$ cash from Main Bank, pledging $$14,706$ 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?