Question
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 $6,700 (that had cost $4,951) and accepted the customer's Suntrust Bank Card. |
|
| 12 |
| Sold merchandise for $5,600 (that had cost $3,629) 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 nearest whole dollar amount.)
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