Business, 02.04.2021 16:50 anayamulay

On June 30, Petrov Co. has $140,800 of accounts receivable. July 4 Sold $8,075 of merchandise (that had cost $5,168) to customers on credit, terms n/30.
9 Sold $20,398 of accounts receivable to Main Bank. Main charges a 8% factoring fee.
17 Received $4,441 cash from customers in payment on their accounts.
27 Borrowed $11,656 cash from Main Bank, pledging $15,153 of accounts receivable as security for the loan.

Required:
Prepare journal entries to record the above selected July transactions.

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On June 30, Petrov Co. has $140,800 of accounts receivable. July 4 Sold $8,075 of merchandise (that...

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