Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $9,100 (that had cost $6,725) and accepted the customer's Suntrust Bank Card. Suntrust
Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $9,100 (that had cost $6,725) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $5,000 (that had cost $3,240) 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 answers to the nearest whole dollar amount.
Note: Enter debits before credits.
|
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