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Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $600 of merchandise on credit (that had cost $240) to
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $600 of merchandise on credit (that had cost $240) to Natara Morris, terms n/15. 5 Sold $8,500 of merchandise (that had cost $3,400) to customers who used their Zisa cards. Zisa charges a 5.0% fee. 6 Sold $5,842 of merchandise (that had cost $2,337) to customers who used their Access cards. Access charges a 4.0% fee. 8 Sold $4,400 of merchandise (that had cost $1,760) to customers who used their Access cards. Access charges a 4.0% fee. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $614 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.) View transaction list Journal entry worksheet Sold $600 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
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