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02-11-2022
Business

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exercise 7-22 (algo) selling and pledging accounts receivable lo c3 on november 30, petrov company has $105,400 of accounts receivable and uses the perpetual inventory system. december 4 sold $7,145 of merchandise (that had cost $4,573) to customers on credit, terms n/30. december 9 sold $14,756 of accounts receivable to main bank. main charges a 6% factoring fee. december 17 received $3,930 cash from customers in payment on their accounts. december 27 borrowed $8,432 cash from main bank, pledging $10,962 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?

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