Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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

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

Students also viewed these Accounting questions

Question

Discuss some of the cultural issues related to consent.

Answered: 1 week ago