Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mayfair Co. Completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400) to
Mayfair Co. Completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n/15. 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. 6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards. Access charges a 2% fee. 8 Sold $4,350 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2% fee. 13 Wrote off the account of Abigail Mckee against the Allowance for Doubtful Accounts. The $429 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. Sold $650 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Debit Credit Date General Journal June 04 Record cost of goods sold, $400. Note: Enter debits before credits. Debit Credit Date General Journal June 04 Sold $6,900 of merchandise to customers who used their Zisa cards. Zisa charges a 3% fee. Note: Enter debits before credits. Debit General Journal Date Credit June 05 Record cost of goods sold, $4,200. Note: Enter debits before credits. Debit Credit Date General Journal June 05 Sold $5,850 of merchandise to customers who used their Access cards. Access charges a 2% fee. Note: Enter debits before credits. Debit Credit Date General Journal June 06 Record cost of goods sold, $3,800. Note: Enter debits before credits. Debit Credit Date General Journal June 06 Sold $4,350 of merchandise to customers who used their Access cards. Access charges a 2% fee. Note: Enter debits before credits.. Date General Journal Debit Credit June 08 Record cost of goods sold, $2,900. Note: Enter debits before credits. Debit Credit Date General Journal June 08 Received Morris's check in full payment for the June 4 purchase. Note: Enter debits before credits. Debit Credit Date General Journal June 18
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started