On November 30, Petrov Co. has $140,200 of accounts receivable and uses the perpetual inventory system. Dec. 4 Sold $9,430 of merchandise (that had cost $6,035) to customers on credit, terms n/30. 9 Sold $19,628 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $5,187 cash from customers in payment on their accounts. 27 Borrowed $11,216 cash from Main Bank, pledging $14,581 of accounts receivable as security for the loan.
Prepare journal entries to record the above selected July transactions. (The company uses the perpetual inventory system.) (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
Date General Journal Debit Credit July 2July 04 No Transaction Recorded 3July 09 No Transaction Recorded 4ly 17 No Transaction Recorded 5ly 27 No Transaction Recorded