Exercise 7-2 Accounting for credit card sales Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed The second credit card that Levine accepts is the Continental Card Continental assesses a 2.5% charge on sales for using its card. Prepare journal entries to record the following selected credit card transactions of Levine Company Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card