Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4%

image text in transcribed
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust 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 $4,300 (that had cost $3,178) and accepted the customer's Suntrust Bank card. 12 Sold merchandise for $7,400 (that had cost $4,795) and accepted the customer's Continental card. Prepare journal entries to record the above selected credit card transactions of Levine Company. (Round your answers to the neares whole dollar amount. View transaction list Import a new list Sold merchandise for $4,300 and accepted the customer's Suntrust Bank Card. 1 ank Card. 2 Record the cost of goods sold, $3,178. 3 Sold merchandise for $7,400 and accepted the customer's Continental Card. 4 Record the cost of goods sold, $4,795. Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Managers Financial Accounting

Authors: Morusu Sivasankar

1st Edition

6200624909, 978-6200624901

More Books

Students also viewed these Accounting questions