Recording Transactions: Sales on Credit, Credit Card Sales, and

Chapter 7 Problems i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Mayfall Company completed the following transactions and uses a perpetual Inventory system. June 4 Sold $1, 200 of merchandise on credit (that had cost $700) to Natara Morris, terms n/15. points June 6 Sold $9,000 of merch e 5 Sold $13, 000 of merchandise (that had cost $7,800) to customers who used their Zisa cards. Zisa charges a 1% fee. be of merchandise (that had cost $5, 400) to customers who used their Access cards. Access charges a 3% fee. June 8 Sold $8,000 of merchandise (that had cost $2,900) to customers who used omers who used their Access cards. Access charges a 2% fee. June 13 Wrote off the account of Abigail Mckee against the Allowance for Doubtful Accounts. The $960 balance in Mckee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase Required: Prepare journal entries to record the preceding transactions and events. Answer is complete and correct. No Date General Journal Debit Credit June 04 Accounts receivable-N. Morris 1,200 Sales 1,200 June 04 Cost of goods sold 700 Merchandise inventory 700 June 05 Cash O 12,870 Credit card expense 130 Mc Draw 1 of 10 Nout June 05 Cost of goods sold 7,800 Merchandise inventory 7,800 points June 06 Cash O 3,730 Credit card expense 270 Sales 9,000 June 06 Cost of goods sol 5,400 Merchandise inventory 5,400 June 08 Cash O 7,840 Credit card expense 160 Sales 8,000 June 08 Cost of goods sold 2,900 Merchandise inventory 2,900 June 13 Allowance for doubtful accounts 960 Accounts receivable-A. Mckee 960 Graw < Prev. 1 of 10 Next >