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Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,300 of merchandise on credit (that had cost $800)
Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,300 of merchandise on credit (that had cost $800) to Natara Morris, terms n/15. June 5 Sold $14,000 of merchandise (that had cost $8,400) to customers who used their Zisa cards. Zisa charges a 2% fee. June 6 Sold $10,000 of merchandise (that had cost $6,000) to customers who used their Access cards. Access charges a 1% fee. June 8 Sold $9,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 3% fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $1,080 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. View transaction list Journal entry worksheet > 1 2 3456789 Sold $1,300 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date June 04 10 10 General Journal Debit Credit > View general journal Record entry Clear entry
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