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 $1,000 of merchandise on credit (that had cost $600 )

image text in transcribed
image text in transcribed
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 $11,600 of merchandise (that had cost $6,600 ) to customers who used their Zisa cards. Zisa charges a 24 fee. June 6 Sold $8,600 of merchandise (that had cost $4,800 ) to customers who used their Access cards. Access charges a June 8 sold $ fee. June 8 Sold $7,000 of merchandise (that had cost $2,900 ) to customers who used their Access cards. Access charges a 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 entrles to record the preceding transactions and events. 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 $6,680 ) to customers who used their Zisa cards. Zisa charges a 2 . fee. June 6 Sold $8,060 of merchandise (that had cost $4,800 ) to customers who used their Access cards. Access charges a 14 tee. June 8 Sold $7,600 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 $846 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. their Access cards. Access charges a 1% fee

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

Recommended Textbook for

Modern Auditing

Authors: Walter Gerry Kell, William C. Boynton, Richard E. Ziegler

5th Edition

0471542830, 9780471542834

More Books

Students also viewed these Accounting questions