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On June 30, Petrov Co. has $148,200 of accounts receivable. July 4 Sold $8,915 of merchandise...

Question:

On June 30, Petrov Co. has $148,200 of accounts receivable. July 4 Sold $8,915 of merchandise (that had cost $5,706) to custo

On June 30, Petrov Co. has $148,200 of accounts receivable. July 4 Sold $8,915 of merchandise (that had cost $5,706) to customers on credit 9 sold $20,748 of accounts receivable to Main Bank. Main charges a 5% factoring fee. 17 Received $4,903 cash from customers in payment on their accounts 27 Borrowed $11,856 cash from Main Bank, pledging $15,413 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 transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Debit Credit Import a new list 1 Sold $8,915 of merchandise to customers on credit. 2 Record the cost of goods sold, $5,706 3 Sold $20,748 of accounts receivable to Main Bank. Main charges a 5% factoring fee. Received $4,903 cash from customers in payment on their accounts. 4 5 Borrowed $11,856 cash from Main Bank. 6 Pledged $15,413 of accounts receivable as security for / the loan Note: -journal entry has been entered

Answers

Date Particulars Debit Credit 04-Jul Accounts receivable 8,915 sales 8,915 04-Jul Cost of goods sold Merchandise 5,706 5,706

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