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B.M. SOAT provides fresh seafood products to local customers and frozen products to overseas markets. Customers can pay by cash, an in-house credit account,
B.M. SOAT provides fresh seafood products to local customers and frozen products to overseas markets. Customers can pay by cash, an in-house credit account, or a credit card. The credit card company charges B.M. SOAT a 2.75% fee, based on credit sales using its card. From the following transactions, prepare journal entries for B.M. SOAT. Jun.3 Rani paid $850 cash for Parrot Fish. The cost to B.M. SOAT was $550. Jun. 10 Rani purchased 20 pounds of Dr. Fish at a sales price per pound of $40. The cost to B.M. SOAT was $32.50 per pound and is charged to Rani's in-store account. Jun. 17 Rani purchased $1,800 of Shrimp with a credit card. The cost to B.M. SOAT is $1,180
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