Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Levine Company uses the perpetual inventory system, Apr. 8 Sold merchandise for $8,100 (that had cost $5,986) and accepted the customer's Suntrust Bank Card. Suntrust

image text in transcribed
Levine Company uses the perpetual inventory system, Apr. 8 Sold merchandise for $8,100 (that had cost $5,986) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4 fee. 12 Sold merchandise for $5,800 (that had cost $3,758) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list View journal entry worksheet No Date General Journal Credit Dobit 8,100 324 1 Apr 08 Cash Credit card expense Sales 8,424 2 2 Apr 08 5,986 Cost of goods sold Merchandise inventory 5.986 3 Apr 12 14,500 14,500 Cash Credit card expense Sales 3,758 4 Apr 12 Cost of goods sold Merchandise Inventory 3,758

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

Payroll Accounting 2021

Authors: Bernard J. Bieg, Judith A. Toland

31st Edition

0357358287, 9780357358283

More Books

Students also viewed these Accounting questions