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 $7,500 (that had cost $5,543) and accepted the customer's Suntrust Bank Card. Suntrust

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $7,500 (that had cost $5,543) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $6,800 (that had cost $4,406) 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 $7,500 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits Date General Journal Debit Credit Apr 08 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the cost of goods sold, $5,543. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Sold merchandise for $6,800 and accepted the customer's Continental Card. Continental charges a 2.5% fee. Note: Enter debits before credits Date General Journal Debit Credit Apr 12 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the cost of goods sold, $4,406. Note: Enter debits before credits General Journal Date Apr 12 Debit Credit Record entry Clear entry View general Journal

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

Internal Control A Managers Journey

Authors: K. H. Spencer Pickett

1st Edition

0471402508, 978-0471402503

More Books

Students also viewed these Accounting questions