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No handwritings please P4A. Credit Card Sales Valderi's Gallery sells quality art work, with prices for individual pieces ranging LO3 from $400 to $25,000. Sales
No handwritings please
P4A. Credit Card Sales Valderi's Gallery sells quality art work, with prices for individual pieces ranging LO3 from $400 to $25,000. Sales are infrequent, typically only three to five pieces per week. The follow- ng transactions occurred during the first week of June 2015. Perpetual inventory is used. June 1 Sold an $800 framed print ($500 cost) to Kerwin Antiques on account, with 2/10, n/30 credit terms. Sold three framed etchings totaling $2,400 ($1,500 cost) to Maria Alvado, who used the United Merchants Card to charge the cost of the etchings. Valderi mailed the credit card sales slip to United Merchants the same day. United Merchants will send a check withi seven days after deducting a one percent fee. 2 Chapter 8 Accounting for Receivables June 4 Sold a $1,900 oil painting ($1,000 cost) to Shaun Chandler, who paid with ape , who used their 5 Sold a $2.000 watercolor ($1,500 cost) to Julie and John Malbie, ooaches American Bank Card to charge the purchase of the painting. Valderi d card sales slip the same day and received immediate credit in the account. The bank charged a one percent fee. deposited the cred company's 6 Received payment from Kerwin Antiques for its June 1 purchase. 7 Received a check from United Merchants for the June 2 sale. P4A. Credit Card Sales Valderi's Gallery sells quality art work, with prices for individual pieces ranging LO3 from $400 to $25,000. Sales are infrequent, typically only three to five pieces per week. The follow- ng transactions occurred during the first week of June 2015. Perpetual inventory is used. June 1 Sold an $800 framed print ($500 cost) to Kerwin Antiques on account, with 2/10, n/30 credit terms. Sold three framed etchings totaling $2,400 ($1,500 cost) to Maria Alvado, who used the United Merchants Card to charge the cost of the etchings. Valderi mailed the credit card sales slip to United Merchants the same day. United Merchants will send a check withi seven days after deducting a one percent fee. 2 Chapter 8 Accounting for Receivables June 4 Sold a $1,900 oil painting ($1,000 cost) to Shaun Chandler, who paid with ape , who used their 5 Sold a $2.000 watercolor ($1,500 cost) to Julie and John Malbie, ooaches American Bank Card to charge the purchase of the painting. Valderi d card sales slip the same day and received immediate credit in the account. The bank charged a one percent fee. deposited the cred company's 6 Received payment from Kerwin Antiques for its June 1 purchase. 7 Received a check from United Merchants for the June 2 sale Step by Step Solution
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