Credit Card Sales Valderi's Gallery sells quality art work, with prices for individual pieces ranging from $500 to $25,000. Sales are infrequent, typically only three to five pieces per week. The following transactions occurred during the first week of June 2012. Perpetual inventory is used.

Jun.1

Sold a framed print to Kerwin Antiques on account, with 2/10,n/30 credit terms for

$1,040

($650

cost)

Jun.2	Sold three framed etchings to Maria Alvado, totaling	$3,120	($1,950	cost)
	who used the United Merchants Card to charge the cost of the etchings. Valderi
	mailed the credit card sales slip to United Merchants the same day. United Merchants
	will send a check within seven days after deducting a 1 % fee.

Jun.4

Sold an oil painting to Shaun Chandler, who paid with a personal check:

$2,340

($1,300

cost)

Jun.5	Sold a watercolor to Julie and John Malbie, who used their Great American Bank
	Card to charge the purchase of the painting. Valderi deposited the credit card
	sales slip the same day and received immediate credit in the company's checking account.
	The bank charged a 2% fee. The painting was sold for:	$2,600	($1,690	cost)
Jun.6	Received payment from Kerwin Antiques for its June 1 purchase.
Jun.7	Received a check from United Merchants for the June 2 sale.

General Journal
Date	Description	Debit	Credit
June 1	Answer ? Accounts Receivable Kerwin Antiques? - Accounts Receivable United Merchants? - Cash? - Cost of Goods Sold? - Credit Card Fee Expense? - Inventory? - Sales Discounts? - Sales Revenue?	$Answer	$Answer
	Answer? Accounts Receivable Kerwin Antiques? Accounts Receivable United Merchants? Cash? Cost of Goods Sold? Credit Card Fee Expense? Inventory? Sales Discounts? Sales Revenue?	Answer	Answer
	To record credit sales revenue.
June 1	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	$Answer	$Answer
	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	Answer	Answer
	To record cost of goods sold.
June 2	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	$Answer	$Answer
	Credit Card Fee Expense	Answer	Answer
	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	Answer	Answer
	To record credit card sales.
June 2	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	$Answer	$Answer
	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	Answer	Answer
	To record cost of goods sold.
June 4	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	$Answer	$Answer
	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	Answer	Answer
	To record cash sales.
June 4	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	$Answer	$Answer
	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	Answer	Answer
	To record cost of goods sold.
June 5	AnswerAccounts Receivable - Kerwin Antiques Accounts Receivable - United Merchants Cash Cost of Goods Sold Credit Card Fee Expense Inventory Sales Discounts Sales Revenue	$Answer	$Answer
	Credit Card Fee Expense	Answer	Answer
	AnswerAccounts Receivable - Kerwin Antiques Accounts Receivable - United Merchants Cash Cost of Goods Sold Credit Card Fee Expense Inventory Sales Discounts Sales Revenue	Answer	Answer
	To record credit card sales.
June 5	AnswerAccounts Receivable - Kerwin Antiques Accounts Receivable - United Merchants Cash Cost of Goods Sold Credit Card Fee Expense Inventory Sales Discounts Sales Revenue	$Answer	$Answer
	AnswerAccounts Receivable - Kerwin Antiques Accounts Receivable - United Merchants Cash Cost of Goods Sold Credit Card Fee Expense Inventory Sales Discounts Sales Revenue	Answer	Answer
	To record cost of goods sold.
June 6	Cash	$Answer	$Answer
	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	Answer	Answer
	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	Answer	Answer
	To record collection from Kerwin Antiques.
June 7	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	$Answer	$Answer
	AnswerAccounts Receivable - Kerwin AntiquesAccounts Receivable - United MerchantsCashCost of Goods SoldCredit Card Fee ExpenseInventorySales DiscountsSales Revenue	Answer	Answer
	To record collection from United Merchants.