Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual Inventory system and allows customers to use two credit cards in

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Exercise 7-2 Accounting for credit card sales LO C1 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. Apr. & Sold merchandise for $3,8e (that had cost $2,217) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $9,600 (that had cost $6,221) and accepted the customer's Continental Card. Prepare journal entries to record the above selected credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 3 4 Sold merchandise for $3,000 and accepted the customer's Suntrust Bank Card. Note: Enter debts before credits General Journal Debit Credit Dale Apr 00 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. Apr. 8 Sold merchandise for $3,eee (that had cost $2,217) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $9.68 (that had cost $6,221) and accepted the customer's Continental Card. Prepare journal entries to record the above selected credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 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. Apr. 8 Sold merchandise for $3,ese (that had cost $2,217) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $9,600 (that had cost $6,221) and accepted the customer's Continental Card. Prepare journal entries to record the above selected credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 3 Record the cost of goods sold, $6,221. Note: Enter de bore credits General Journal Debit Credit Apr 12 Record entry Clear entry View general journal Pray Next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Concepts Based Introduction

Authors: David Kolitz

1st Edition

1138844977, 978-1138844971

More Books

Students also viewed these Accounting questions

Question

OUTCOME 6 Explain and give examples of diversity management.

Answered: 1 week ago