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Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $700 of merchandise on credit (that had cost $280) to
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $700 of merchandise on credit (that had cost $280) to Natara Morris, terms n/15. 5 Sold $9,500 of merchandise (that had cost $3,800) to customers who used their Zisa cards. Zisa charges a 4.0% fee. 6 Sold $5,696 of merchandise (that had cost $2, ) to customers who used their Access cards. Access charges a 3.0% fee. 8 Sold $4,620 of merchandise (that had cost $1,848) to customers who used their Access cards. Access charges a 3.0% fee. 13 Wrote off the account of Abigail Mckee against the Allowance for Doubtful Accounts. The $404 balance in Mckee's account was from a credit sale last year. 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. (Do not round intermediate calculations.) Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Sold $700 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date General Journal Debit Credit June 04 Record entry Clear entry View general journal 1 Sold $700 of merchandise on credit to Natara Morris, terms n/15. 2 Record cost of goods sold, $280. Sold $9,500 of merchandise to customers who used their Zisa cards. Zisa charges a 4% fee. 4 Record cost of goods sold, $3,800. 5 Sold $5,696 of merchandise to customers who used their Access cards. Access charges a 3% fee. 6 Record cost of goods sold, $2,278. 7 Sold $4,620 of merchandise to customers who used their Access cards. Access charges a 3% fee. 8 Record cost of goods sold, $1,848. 9 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $404 balance in McKee's account was from a credit sale last year. 10 Received Morris's check in full payment for the June 4 purchase
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