Exercise 9-2 Accounting for credit card sales LO C1

Levine Company uses the perpetual inventory system.

Apr.		8		Sold merchandise for $4,700 (that had cost $3,473) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee.
		12		Sold merchandise for $7,000 (that had cost $4,536) and accepted the customer's Continental Card. Continental charges a 2.5% fee.

Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.)

Journal entry worksheet

• Sold merchandise for $4,700 and accepted the customers Suntrust Bank Card. Suntrust charges a 4% fee.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Apr 08

Journal entry worksheet

• Record the cost of goods sold, $3,473.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Apr 08

Journal entry worksheet

• Sold merchandise for $7,000 and accepted the customers Continental Card. Continental charges a 2.5% fee.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Apr 12

Journal entry worksheet

• Record the cost of goods sold, $4,536.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Apr 12