Question: 8. value: 4.30 points Exercise 7-14 Selling and pledging accounts receivable LO C3 On June 30, Petrov Co. has $142,800 of accounts receivable. July 4

8. value: 4.30 points Exercise 7-14 Selling and pledging accounts receivable

8. value: 4.30 points Exercise 7-14 Selling and pledging accounts receivable LO C3 On June 30, Petrov Co. has $142,800 of accounts receivable. July 4 Sold $6,285 of merchandise (that had cost $4,022) to customers on credit. 9 Sold $19,992 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $3,457 cash from customers in payment on their accounts. 27 Borrowed $11,424 cash from Main Bank, pledging $14,851 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.) (Round your final answers to nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Sold $6,285 of merchandise to customers on credit. Note: Enter debits before credits. Date General Journal Debit Credit July 04 Record entry Clear entry View general journal

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