Business
Fundamental Accounting Principles
Levine Company uses the perpetual inventory system. Prepare journal entries

Levine Company uses the perpetual inventory system. Prepare journal entries to record the following credit card transactions

Question:

Levine Company uses the perpetual inventory system. Prepare journal entries to record the following credit card transactions of Levine Company.

Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental charges a 2.5% fee.

Transcribed Image Text:

Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental charges a 2.5% fee.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 50% (16 reviews)

Apr8 Cash 8064 Credit Card Expense 336 Sales 8400 Record credit ...View the full answer

Answered By

Utsab mitra

I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others. I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years. I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.

3.50+ 2+ Reviews 10+ Question Solved

Related Book For book-img-for-question

Fundamental Accounting Principles

ISBN: 978-1259916960

24th edition

Authors: John J Wild, Ken Shaw

See More Books

Question Posted: Jul 09, 2019 10:31 AM

See More Questions

Students also viewed these Business questions

At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chanrecords its bad debts expense for that estimate. On the following February 1, Chan...
Sunrise Ltd completed the following transactions during a given year: Transaction Ratio 1. Sold obsolete inventory at cost 2 Redeemed debentures by issuing ordinary shares 3. Issued a share dividend...
Warren Buffett is regarded as one of the worlds most successful investors. He does not believe that markets are efficient. The following quote is attributed to him: Id be a bum on the street with a...
Which of the following represents the GREATEST risk created by a reciprocal agreement for disaster recovery made between two companies? A. Developments may result in hardware and software...
A hollow metal sphere carries a charge of 6.0C. A second hollow metal sphere with a radius that is double the size of the first carries a charge of 18.0C. The two spheres are brought into contact...
The jet plane travels along the vertical parabolic path. When it is at point A it has speed v which is increasing at the rate at. Determine the magnitude of acceleration of the plane when it is at...
link quality, efficiency, and financial decision making in an organizations strategic plan.
On January 1, 2015, Weaver Corporation purchased a patent for $ 237,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January...
Suppose Stuart Company has the following results related to cash flows for 2017: Net Income of $5,600,000 Increase in Accounts Payable of $600,000 Decrease in Accounts Receivable of $900,000 Increase...
Bayani Bakerys most recent FCF was $48 million; the FCF is expected to grow at a constant rate of 6%. The firms WACC is 12% and it has 15 million shares of common stock outstanding. The firm has $30...
Access the SEC EDGAR database (SEC.gov) and retrieve Apples 2017 10-K (filed November 3, 2017). Identifyits auditor. What responsibility does its independent auditor claim regarding Apples financial...
Dexter Company uses the direct write-off method. Prepare journal entries to record the following transactions. Mar. 11 Dexter determines that it cannot collect $45,000 of its accounts receivable from...
Konverse Inc. is negotiating an agreement to lease equipment to a lessee for 6 years. The fair value of the equipment is $\$ 50,000$ and the lessor expects a rate of return of $7 \%$ on the lease...
10.) Steam enters a well-insulated turbine at 6 MPa, 400C and expands to 200 kPa, saturated vapor at a rate of 10 kg/s. (a) Draw a schematic of the process (5 pts). (b) Determine the exergy...
4. [8 marks] The tides in the Bay of Fundy are some of the largest in the world. The height, h(t), of the tide in meters after t hourse can be modeled by 39 h(t) = 25 con (77) + 30 4 COS 6 (a) What...
Wolfe, Inc. had credit sales for the period of $144,000. The balance in Allowance for Doubtful Accounts is a debit of $653. If Wolfe estimates that 2% of credit sales will be uncollectible, what is...
Water at 20C is to be pumped from a reservoir (ZA = 5 m) to another reservoir at a higher elevation (ZB = 13 m) through two 36-m- long pipes connected in parallel as shown. The pipes are made of...
Delph Company uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that 53,000 machine-hours would...
In Problem use the table below. Events A, B, and C are mutually exclusive; so are D, E, and F. In Problem test each pair of events for independence. A and B
Listed below are several terms and phrases associated with basic assumptions, broad accounting principles, and constraints. Pair each item from List A (by letter) with the item from List B that is...
Use the following information to compute the cost of direct materials used for the current year. Inventories Beginning of Year End of Year Activity during current year Raw materials purchased......
Prepare the schedule of cost of goods manufactured for Barton Company using the following information for the year ended December 31. Work in process inventory, beginning.... $157,000 Direct...
Beck Manufacturing reports the following information in T-accounts for the current year. 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the...
Choose two stocks from the same industry to minimize the influence of other confounding factors. You choose the industry that you are relatively more familiar with, and then estimate the implied...
why should Undertake research to review reasons for previous profit or loss?
A pension fund's liabilities has a PV01 of $200 million. The plan has $100 billion of assets with a weighted average modified duration of 8. The highest duration bond that the plan can invest in has...

Achieving Sustainable Production Of Milk Volume 2 Safety Quality And Sustainability 1st Edition - ISBN: 1786760487 - Free Book

Study smarter with the SolutionInn App

Levine Company uses the perpetual inventory system. Prepare journal entries to record the following credit card transactions

Question:

Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental charges a 2.5% fee.

Step by Step Answer:

Apr8 Cash 8064 Credit Card Expense 336 Sales 8400 Record credit ...View the full answer

Fundamental Accounting Principles

Related Video

Students also viewed these Business questions