On May 31,a Company Had a Balance in Its Accounts

Essay

On May 31,a company had a balance in its accounts receivable of $103,895.Record the company's following transactions for June:
$\begin{array}{|l|l|}\hline\text { June 2 } & \text { Sold merchandise on account, } \$ 14,000 \\\hline \text { June 8 } & \begin{array}{l}\text { Sold } \$ 15,000 \text { worth of accounts receivable to First Bank. First Bank charged a } \\3 \% \text { factoring fee. }\end{array} \\\hline \text { June 20 } & \begin{array}{l}\text { Borrowed } \$ 30,000 \text { cash from First Bank, pledging } \$ 31,500 \text { worth of accounts } \\\text { receivable as collateral for the loan. }\end{array}\\\hline\end{array}$