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On November 30, Petrov Company has $120,000 of accounts receivable and uses the perpetual inventory system. December 4 Sold $6,080 of merchandise (that had cost
On November 30, Petrov Company has $120,000 of accounts receivable and uses the perpetual inventory system. December 4 Sold $6,080 of merchandise (that had cost $3,891) to customers on credit, terms n/30. December 9 Sold $16,800 of accounts receivable to Main Bank. Main charges a 10% factoring fee. December 17 Received $3,344 cash from customers in payment on their accounts. December 27 Borrowed $9,600 cash from Main Bank, pledging $12,480 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. Required 1 Required 2 Prepare journal entries to record the above transactions. (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.) View transaction list Journal entry worksheet 1 2 3 4. 5 6 Sold $6,080 of merchandise to customers on credit, terms 1/30 Note: Enter debits before credits General Journal Debit Credit Dato December 04 Journal entry worksheet Sold $16,800 of accounts receivable to Main Bank. Main charges a 10% factoring fee. Note: Enter debits before credits. General Journal Debit Credit Date December 09 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 5 6 Received $3,344 cash from customers in payment on their accounts. Note: Enter debits before credits General Journal Debit Credit Date December 17 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 5 6 > Borrowed $9,600 cash from Main Bank. Note: Enter debits before credits. General Journal Debit Credit Date December 27 Record entry Clear entry View general journal Journal entry worksheet Pledged $12,480 of accounts receivable as security for the loan. Note: Enter debits before credits. General Journal Debit Credit Date December 27 Record entry Clear entry View general journal (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. Required 1 Required 2 Which transaction would most likely require a note to the financial statements? Which transaction would most likely require a note to the financial statements
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