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June 7 : Barton Corporation sold $ 7 , 5 0 0 ( costing $ 6 , 3 7 5 ; assume a perpetual inventory

June

7

: Barton Corporation sold $

7, 500 (

costing $

6, 375

; assume a perpetual inventory system

)

in merchandise on Fortune credit cards. The sales receipts were deposited in Barton Corporation's business account. Fortune charges Barton Corporation a

5 %

fee.

General Journal

Page GJ

1

Date

Account

/

Explanation

F Debit

Credit

To record cost of sales.

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