On May 31, a company had an Accounts Receivable balance of $106,000. Prepare journal entries to record the following transactions for June. The company uses a perpetual inventory system.

June 2	Sold merchandise on credit for $6,985, with terms n/30. The cost of the merchandise was $4,470.
June 8	Sold $24,600 of accounts receivable to First Bank. First Bank charges a 6% factoring fee.
June 20	Borrowed $8,480 cash from National Bank, pledging $11,024 of accounts receivable as security for the loan.

please record journal entries

journal entry 1 Sold $6,985 of merchandise to customers on credit, terms n/30.

journal entry 2 Record the cost of goods sold, $4,470.

journal entry 3 Sold $24,600 of accounts receivable to First Bank. First Bank charges a 6% factoring fee.

journal entry 4 Borrowed $8,480 cash from National Bank, pledging $11,024 of accounts receivable as security for the loan.