Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,500 of merchandise on credit (that had cost $900)
Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,500 of merchandise on credit (that had cost $900) to Natara Morris, terms n/15. June 5 Sold $17,000 of merchandise (that had cost $10,200) to customers who used their Zisa cards. Zisa charges a 1% fee. June 6 Sold $12,000 of merchandise (that had cost $7,200) to customers who used their Access cards. Access charges a 3% fee. June 8 Sold $10,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2% fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $1,200 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. Answer is not complete. No 1 Date June 04 General Journal Debit Credit No Transaction Recorded 2 June 04 Cost of goods sold 3 June 05 4 June 05 Merchandise inventory Accounts receivable-Zisa Credit card expense Sales Cost of goods sold Merchandise inventory 5 June 06 Accounts payable-A. McKeel 6 June 06 Accounts payable-A. McKee 7 June 08 Accounts payable-A. McKee 8 June 08 Accounts payable-A. McKee 9 June 13 Accounts payable-A. McKee 10 June 18 Accounts receivable-A. McKee Sales
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