On November 30, Petrov Company has $125,100 of accounts receivable and uses the perpetual inventory...
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On November Petrov Company has $ of accounts receivable and uses the perpetual inventory system. December Sold $ of merchandise that had cost $ to customers on credit, terms n December Sold $ of accounts receivable to Main Bank. Main charges a factoring fee. December Received $ cash from customers in payment on their accounts. December Borrowed $ cash from Main Bank, pledging $ of accounts receivable as security for the loan. Prepare journal entries to record the above transactions. Which transaction would most likely require a note to the financial statements?
On November Petrov Company has $ of accounts receivable and uses the perpetual inventory system.
December Sold $ of merchandise that had cost $ to customers on credit, terms n
December Sold $ of accounts receivable to Main Bank. Main charges a factoring fee.
December Received $ cash from customers in payment on their accounts.
December Borrowed $ cash from Main Bank, pledging $ of accounts receivable as security for the loan.
Prepare journal entries to record the above transactions.
Which transaction would most likely require a note to the financial statements?
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