Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Levine Company uses the perpetual inventory system. Apri1 8 sold merchandise for $3,100 (that had cost $2,291 ) and accepted the customer' $ suntrust Bank

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Levine Company uses the perpetual inventory system. Apri1 8 sold merchandise for $3,100 (that had cost $2,291 ) and accepted the customer' $ suntrust Bank card. Suntrust charges a 48 fee. April 12 Sold merchandise for $9,600 (that bad cost $6,221 ) 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 Note: Round your onswers to the nearest whole dollar amount. Journal entry worksheet Sold merchandise for $3,100 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credita. Journal entry worksheet Record the cost of goods sold, $2,291. Note: Enter debits before credits. Journal entry worksheet 1 Sold merchandise for $9,600 and accepted the customer's Continental Card. Continental charges a 2.5% fee. Note: Enter debits before credits. Journal entry worksheet Record the cost of goods sold, $6,221. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions