Selling and pledging accounts receivable lo c3 on june 30, petrov co. has $128,700 of accounts receivable. july 4 sold $7,245 of merchandise (that had cost $5,000) to customers on credit. - 9 sold $20,000 of accounts receivable to main bank. main charges a 4% factoring fee. - 17 received $5,859 cash from customers in payment on their accounts. - 27 borrowed $10,000 cash from main bank, pledging $12,500 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.)

Explanation:

The journal entries are shown below:

On July 4:

Accounts receivable A/c Dr $7,245

          To Service revenue A/c $7,245

(Being service provided is recorded)

Cost of goods sold A/c Dr $5,000

           To Merchandise inventory A/c $5,000

(Being inventory sold at cost)

On July 9:

Cash A/c Dr $19,200

Factory fee expense A/c Dr $800

         To Accounts receivable A/c $20,000

(Being payment is received)

On July 17:

Cash A/c Dr  $5,859

         To Accounts receivable A/c  $5,859

(Being cash is received)

On July 27:

Cash A/c Dr  $10,000

   To Notes payable A/c  $10,000

(Being the amount is borrowed)

No journal entry required

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi