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All 10 Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access.
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Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 3.0% service charge for sales on its credit card. Access deducts a 2.0% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $700 of merchandise on credit (that had cost $280) to Natara Morris. 5 Sold $6,900 of merchandise (that had cost $2,760) to customers who used their Zisa cards. 6 Sold $6,144 of merchandise (that had cost $2,458) to customers who used their Access cards. 8 Sold $4,760 of merchandise (that had cost $1,904) to customers who used their Access cards. 13 Wrote off the account of Abigail Mckee against the Allowance for Doubtful Accounts. The $701 balance in McKee's account stemmed from a credit sale in October of last year. 18 Received Morris's check in full payment for the purchase of June 4. Required: Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Sold $700 of merchandise on credit to Natara Morris. Note: Enter debits before credits. Date General Journal Debit Credit June 04 Record entry Clear entry View general journalStep by Step Solution
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