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 $7,100 (that had cost $5,247) and accepted the customer's Suntrust Bank Card. Suntrust

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $7,100 (that had cost $5,247) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $7,000 (that had cost $4,536) 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 Journal entry worksheet 1 2 3 4 Sold merchandise for $7,100 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Date Apr 08 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 3 4 Record the cost of goods sold, $5,247. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08 Record entry Clear entry View general journal Journal entry worksheet

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

Financial Accounting

Authors: Walter B. Meigs, A. N. Mosich, Robert F. Meigs

2nd Edition

0070412901, 978-0070412903

More Books

Students also viewed these Accounting questions

Question

What is meant by formal organisation ?

Answered: 1 week ago

Question

What is meant by staff authority ?

Answered: 1 week ago

Question

Discuss the various types of policies ?

Answered: 1 week ago

Question

Briefly explain the various types of leadership ?

Answered: 1 week ago

Question

Identify the major phases of the training and HRD process

Answered: 1 week ago