Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Accounting, Can you please check my work, If you correctly confirm or correctly adjust I will thumbs up Levine Company uses the perpetual inventory system.
Accounting, Can you please check my work, If you correctly confirm or correctly adjust I will thumbs up
Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,500 (that had cost $6,282) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $9,800 (that had cost $6,350) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. Note: Round your answers to the nearest whole dollar amount. View transaction list View journal entry worksheet No 2 3 4 Date April 08 April 08 April 12 April 12 General Journal Cash Credit card expense Sales Cost of goods sold Merchandise inventory Cash Credit card expense Sales Cost of goods sold Merchandise inventory Debit 8,160 340 6,000 9,555 245 6,350 Credit 8,500 6,000 9,800 6,350
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started