Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $7,100 (that had cost $5,247 ) and accepted the customer's Suntrust Bank Card.
Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $7,100 (that had cost $5,247 ) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $10,000 (that had cost $6,480 ) 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.) Journal entry worksheet 4 Sold merchandise for $7,100 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Journal entry worksheet Record the cost of goods sold, $5,247. Note: Enter debits before credits. Journal entry worksheet Sold merchandise for $10,000 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, $6,480. Note: Enter debits before credits
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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