Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,600 of merchandise on credit (that had cost $1,000 )

image text in transcribedimage text in transcribedimage text in transcribed

Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,600 of merchandise on credit (that had cost $1,000 ) to Natara Morris, terms n/15. June 5 Sold $18,000 of merchandise (that had cost $10,800 ) to customers who used their zisa cards. zisa charges a 2% fee. June 6 Sold $13,000 of merchandise (that had cost $7,800 ) to customers who used their Access cards. Access charges a 18 fee. June 8 Sold $11,000 of merchandise (that had cost $2,900 ) to customers who used their Access cards. Access charges a 3 if fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $1,320 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. Journal entry worksheet 345678910> Sold $1,600 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. 1 Sold $1,600 of merchandise on credit to Natara Morris, terms n/15. 2 Record cost of goods sold, $1,000. 3 Sold $18,000 of merchandise to customers who used their Zisa cards. Zisa charges a 2% fee. 4 Record cost of goods sold, $10,800. 5 Sold $13,000 of merchandise to customers who used their Access cards. Access charges a 1% fee. 6 Record cost of goods sold, $7,800. 7 Sold $11,000 of merchandise to customers who used their Access cards. Access charges a 3% fee. 8 Record cost of goods sold, $2,900. 9 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $1,320 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

Step: 3

blur-text-image

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

Explain the various methods of job evaluation

Answered: 1 week ago

Question

Differentiate Personnel Management and Human Resource Management

Answered: 1 week ago

Question

Describe the functions of Human resource management

Answered: 1 week ago