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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%
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 $8,400 (that had cost $6,000) and accepted the customers Suntrust Bank Card. | ||
12 | Sold merchandise for $5,600 (that had cost $3,500) and accepted the customers Continental Card. |
Prepare journal entries to record the above selected credit card transactions of Levine Company
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