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Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 2.5% service charge for sales on its credit card. Access deducts a 1.5% service charge for sales on its card. Mayfair completes the following transactions in June.
June | 4 | Sold $600 of merchandise on credit (that had cost $300) to Natara Morris. | ||
5 | Sold $8,000 of merchandise (that had cost $4,000) to customers who used their Zisa cards. | |||
6 | Sold $5,642 of merchandise (that had cost $2,821) to customers who used their Access cards. | |||
8 | Sold $4,780 of merchandise (that had cost $2,390) to customers who used their Access cards. | |||
13 | Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $656 balance in McKees account stemmed from a credit sale in October of last year. | |||
18 | Received Morriss check in full payment for the purchase of June 4. |
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