Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $6,400 (that had cost $4,730) and accepted the customer's Suntrust Bank Card.
Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $6,400 (that had cost $4,730) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $9,600 (that had 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. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet < 1 2 3 4 Sold merchandise for $6,400 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Date April 08 General Journal Debit Credit View general journal Record entry Clear entry > Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect $9,500 of its accounts receivable from Leer Company. March 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above transactions. View transaction list Journal entry worksheet > 1 23 Record write-off of Leer Company account. Note: Enter debits before credits. Date March 11 General Journal Debit Credit View general journal Record entry Clear entry >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started