6.

On March 4, Micro Sales makes $4,400 in sales on bank credit cards that charge a 3% service charge and deposits the funds into Micro Sales' bank accounts at the end of the business day.

Journalize the sales and recognition of expense as a single journal entry. If an amount box does not require an entry, leave it blank.

Mar. 4

Accounts PayableAccounts ReceivableCashCost of Merchandise SoldSales

- Select -

- Select -

7.

Madison Company's perpetual inventory records indicate that $543,370 of merchandise should be on hand on October 31. The physical inventory indicates that $498,620 is actually on hand.

Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31.

Oct. 31	Accounts PayableAccounts ReceivableCashCost of Merchandise SoldMerchandise Inventory	- Select -
	Accounts PayableAccounts ReceivableCashCost of Merchandise SoldMerchandise Inventory		- Select -

8.

Selected accounts and amounts appear below.

Merchandise inventory	$51,412
Cost of merchandise sold	506,679

Journalize the closing entry, assuming a perpetual inventory system.

	CashCost of Merchandise SoldMerchandise InventoryOwner, CapitalSales	- Select -
	CashCost of Merchandise SoldMerchandise InventoryOwner, CapitalSales		- Select -