On November 30, Petrov Co. has $113,200 of accounts receivable and uses the perpetual inventory system.

Dec. 4 Sold $7,465 of merchandise (that had cost $4,778) to customers on credit, terms n/30.

9 Sold $15,848 of accounts receivable to Main Bank. Main charges a 8% factoring fee.

17 Received $4,106 cash from customers in payment on their accounts.

27 Borrowed $9,056 cash from Main Bank, pledging $11,773 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?