Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Help 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
Help 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 ntrust 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 $6,000 (that had cost $4,434) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $4,400 (that had cost $2,851) and accepted the customer's continental Card. ok Prepare journal entries to record the above selected credit card transactions of Levine Company, (Round your answers to the nearest whole dollar amount.) int View transaction list sk Journal entry worksheet rint 2 Sold merchandise for $6,000 and accepted the customer's Suntrust Bank Card erences Note: Enter debits before credits General Journal Apr 08
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started