Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $5,400 (that had cost $3,991) and accepted the customer's Suntrust Bank Card.

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

Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $5,400 (that had cost $3,991) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $7,600 (that had cost $4,925) 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 $5,400 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 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

College Accounting A Contemporary Approach

Authors: David Haddock, John Price, Michael Farina

3rd edition

77639731, 978-0077639730

More Books

Students also viewed these Accounting questions

Question

What differences exist between ARMs and FRMs?

Answered: 1 week ago

Question

Calculate present values and future values

Answered: 1 week ago

Question

Use standard formulae to value stocks and bonds

Answered: 1 week ago