part a

part b

part c

Exercise 7-21 (Algo) Selling and pledging accounts receivable LO C3 On November 30, Petrov Co. has $152,900 of accounts receivable and uses the perpetual inventory system. Dec. 4 Sold $6,918 of merchandise (that had cost $4,422) to customers on credit, terms n/30. 9 Sold $21,486 of accounts receivable to Main Bank Main charges a 6% factoring fee. 17 Received $3,801 cash from customers in payment on their accounts. 27 Borrowed $12,232 cash from Main Bank, pledging $15,902 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? Following are transactions for Ridge Company Mar. 21 Accepted a $16,80e, 180-day, 11% note from Tamara Jackson in granting a time extension on her past-due account receivable. Sep. 17 Jackson dishonored her note. bec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. (Do not round Intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year) Interest Amounts General Journal Complete the table to calculate the interest amounts at September 17. Total Through Maturity Principal Rate(%) Time Total interest