Exercise $9-2($Algo$)$ Accounting for credit card sales LO C$1$

Levine Company uses the perpetual inventory system.

April $8$ Sold merchandise for $$9,400($that had cost $$6,947)$ and accepted the customer's Suntrust Bank Card. Suntrust charges a $4\%$ fee.

April $12$ Sold merchandise for $$4,000($that had cost $$2,592)$ and accepted the customer's Continental Card. Continental charges a $2\mathrm{.}5\%$ fee.

Prepare journal entries to record the above credit card transactions of Levine Company.

Note: Round your answers to the nearest whole dollar amount.

$1$ Sold merchandise for $$9,400$ and accepted the customer's Suntrust Bank Card. Suntrust charges a $4\%$ fee.

$2$ Record the cost of goods sold, $$6,947.$

$3$ Sold merchandise for $$4,000$ and accepted the customer's Continental Card. Continental charges a $2\mathrm{.}5\%$ fee. ank Card.

$4$ Record the cost of goods sold, $$2,592.$

Note : $=$ journal entry has been entered