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Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,000 of merchandise on credit (that had cost $600 )
Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,000 of merchandise on credit (that had cost $600 ) to Natara Morris, terms n/15. June 5 Sold $11,000 of merchandise (that had cost $6,600 ) to customers who used their Zisa cards. Zisa charges a 2% fee. June 6 sold $8,000 of merchandise (that had cost $4,800 ) to customers who used their Access cards. Access charges a 1% fee. June 8 Sold $7,000 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 $840 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 Note: Enter debits before credits. Journal entry worksheet Note: Enter debits betore credits. Journal entry worksheet 6789 Sold $11,000 of merchandise to customers who used their Zisa cards. Zisa charges a 2% fee. Note: Enter debits before credits. Journal entry worksheet
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