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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 )
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
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