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Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zika or Access. Sisa deducts
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zika or Access. Sisa deducts a 3% service charge for sales on its credit card. Access deducts a 2% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris June 5 Sold $6,900 of merchandise (that had cost $4,200) to customer who used their Zisa cards June 6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Accrss cards. June 8 Sold $4,350 of merchandise (that had cost $2,900) to customers who used their Access caEd's. June 13 Write off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $429 balance in McKee's account stemmed from a credit sale in October of last year. June 18 Received Morris's check in full payment for the purchase of June 4. Required Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system. Round amounts to the nearest dollar.)
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