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HW 0 7 . 0 1 - P 7 . 0 1 A ( i Help Save 1 1 0 points eBook Print References Problem

HW 07.01- P 7.01A (i
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Problem 7-1A (Algo) Sales on credit and sales on credit cards LO C1
Mayfair Company completed the following transactions and uses a perpetual inventory system.
June 4 Sold $2,600 of merchandise on credit (that had cost $1,600) to Natara Morris, terms n15.
June 5 Sold $29,000 of merchandise (that had cost $17,400) to customers who used their Zisa cards. Zisa charges a 3% fee.
June 6 Sold $20,000 of merchandise (that had cost $12,000) to customers who used their Access cards. Access charges a 2% fee.
June 8 Sold $17,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 1% fee.
June 13 Wrote off the account of Abigail Mckee against the Allowance for Doubtful Accounts. The $2,040 balance in McKee's account was from a credit sale last year.
June 18 Received Morris's check in full payment for the June 4 purchase.
Required:
Prepare journal entries to record the preceding transactions and events.
Journal entry worksheet
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