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Maytaif Company completed the following transactions and uses a perpetual inventory system. Jume 4 Sold $1,100 of merchandise on credit (that had cost $700) to
Maytaif Company completed the following transactions and uses a perpetual inventory system. Jume 4 Sold $1,100 of merchandise on credit (that had cost \$700) to Natara Morris, terms n/15. Jume 5 Sold $12,000 of merchandise (that had cost $7,200 ) to customers who used their Zisa cards. Zisa charges a 3% fee. June 6 sold $8,000 of merchandise (that had cost $4,800 ) to customers who used their Access cards. Access charges a 2% fee. June 8 sold $,7,000 of merchandise (that had cost $2,900 ) to customers who used their Access cards. Access charges a 1% fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The \$840 balance in MeKee'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 jountal entiles to record the preceding transactions and events. 1 Sold $1,100 of merchandise on credit to Natara Morris, terms n/15. 2 Record cost of goods sold, $700. 3 Sold $12,000 of merchandise to customers who used their Zisa cards. Zisa charges a 3\% fee. 4 Record cost of goods sold, $7,200. 5 Sold $8,000 of merchandise to customers who used their Access cards. Access charges a 2% fee. Access cards. Access charges a 2% fee. 6 Record cost of goods sold, $4,800 7 Sold $7,000 of merchandise to customers who used their Access cards. Access charges a 1% fee. 8 Record cost of goods sold, $2,900 9 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. Journal entry worksheet 5 7 8 Sold $1,100 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits
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