On November 30, Petrov Company has $141,700 of accounts receivable and uses the perpetual inventory system. December 4 Sold $9,975 of merchandise (that had cost $6,384) to customers on credit, terms n/30. December 9 Sold $19,838 of accounts receivable to Main Bank. Main charges a 6% factoring fee. December 17 Received $5,486 cash from customers in payment on their accounts. December 27 Borrowed $11,336 cash from Main Bank, pledging $14,737 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. Note: 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 56 Sold $9,975 of merchandise to customers on credit, terms n/30. <

On November 30, Petrov Company has $141,700 of accounts receivable and uses the perpetual inventory system. December 4 Sold $9,975 of merchandise (that had cost $6,384) to customers on credit, terms n/30. December 9 Sold $19,838 of accounts receivable to Main Bank. Main charges a 6% factoring fee. December 17 Received $5,486 cash from customers in payment on their accounts. December 27 Borrowed $11,336 cash from Main Bank, pledging $14,737 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. Note: 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 56 Sold $9,975 of merchandise to customers on credit, terms n/30. <

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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