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. <

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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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.
<
Transcribed Image Text: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. <
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