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Levine Company uses the perpetual inventory system. April 8Sold merchandise for $3,700 (that had cost $2,734) and accepted the customer's Suntrust Bank Card. Suntrust charges
Levine Company uses the perpetual inventory system.
April 8Sold merchandise for $3,700 (that had cost $2,734) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee.April 12Sold merchandise for $4,000 (that had cost $2,592) 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.
#1 - Sold merchandise for $3,700 and accepted the customers Suntrust Bank Card. Suntrust charges a 4% fee.
#2- Record the cost of goods sold, $2,734.
#3- Sold merchandise for $4,000 and accepted the customers Continental Card. Continental charges a 2.5% fee.
#4- Record the cost of goods sold, $2,592.
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