On November 30, Petrov Co. has $128,700 of accounts receivable. Prepare journal entries to record the following selected July transactions. Also prepare any footnotes to the July 31 financial statements that result from these transactions. (The company uses the perpetual inventory system.) Dec. 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit, terms n/30.
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.
(1) Prepare journal entries to record the above transactions.
(2) Which transaction would most likely require a note to the financial statements

Laval produces lamps and home lighting fixtures. its most popular product is a brushed aluminum desk lamp. this lamp is made from components shaped in the fabricating department and assembled in the assembly department. information related to the 22,000 desk lamps produced annually follows.direct materials $280,000direct labor fabricating department (8,000 dlh × $24 per dlh) $192,000assembly department (16,600 dlh × $26 per dlh) $431,600machine hours fabricating department $15,200mhassembly department $20,850mhexpected overhead cost and related data for the two production departments follow.fabricating assemblydirect labor hours 150,000dlh 295,000dlhmachine hours 161,000mh 128,000mhoverhead cost $400,000 430,000required1. determine the plantwide overhead rate for laval using direct labor hours as a base.2. determine the total manufacturing cost per unit for the aluminum desk lamp using the plantwide overhead rate.3. compute departmental overhead rates based on machine hours in the fabricating department and direct labor hours in the assembly department.4. use departmental overhead rates from requirement 3 to determine the total manufacturing cost per unit for the aluminum desk lamps.