Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Levine Company uses the perpetual inventory system. Aprit 8 Sold merchandise for $6,400 (that had cost $4,730 ) and accepted the custoser's Suntrust Bank Card.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Levine Company uses the perpetual inventory system. Aprit 8 Sold merchandise for $6,400 (that had cost $4,730 ) and accepted the custoser's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $3,400 (that had cost $2,203 ) 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. Journal entry worksheet Sold merchandise for $6,400 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Entter debits before credits: Sold merchandise for $6,400 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Record the cost of goods sold, $4,730. Note: Enter debits before credits. Sold merchandise for $3,400 and accepted the customer's Continental Card. Continental charges a 2.5% fee. Note: Enter debits before credits. Record the cost of goods sold, $2,203. Note: Enter debits before credits

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_2

Step: 3

blur-text-image_3

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

Commercial Printing IRS Audit Techniques Guide

Authors: Internal Revenue Service

1st Edition

1304133753, 978-1304133755

More Books

Students also viewed these Accounting questions

Question

What is linear transformation? Define with example

Answered: 1 week ago