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Petri Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Omni Bank Card, Petri receives
Petri Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Omni Bank Card, Petri receives an immediate credit to its account when it deposits sales receipts. Omni assesses a 4% service charge for credit card sales. The second credit card that Petri accepts is the Continental Card. Petri sends its accumulated receipts to Continental on a weekly basis and is paid by Continental about a week later. Continental assesses a 2.5% charge on sales for using its card. Apr. 8 Sold merchandise for $9,200 (that had cost $6,800) and accepted the customer's Omni Bank Card. The Omni receipts are immediately deposited in Petri's bank account. 12 Sold merchandise for $5,400 (that had cost $3,500) and accepted the customer's Continental Card. Transferred $5,400 of credit card receipts to Continental, requesting payment. 20 Received Continental's check for the April 12 billing, less the service charge. Prepare journal entries to record the above selected credit card transactions of Petri Company. (Omit the "$" sign in your response.) Date General Journal Debit Credit Apr. 8 (Click to select)Accounts receivableMerchandise inventoryCashSalesMiscellaneous incomeAccounts payableCredit card expenseCost of goods sold (Click to select)Credit card expenseCost of goods soldSalesAccounts receivableAccounts payableMerchandise inventoryCashMiscellaneous income (Click to select)CashSalesCredit card expenseAccounts receivableCost of goods soldMiscellaneous incomeAccounts payableMerchandise inventory (Click to select)CashCredit card expenseCost of goods soldSuppliesMerchandise inventoryDividendsBad debts expenseAccounts payable (Click to select)SuppliesCredit card expenseDividendsCost of goods soldCashMerchandise inventoryAccounts payableBad debts expense 12 (Click to select)Accounts receivable-Continental bankAdvertising expenseSalesMiscellaneous incomeCredit card expenseCashCost of goods soldMerchandise inventory (Click to select)Cost of goods soldAccounts receivable-Continental bankCredit card expenseCashSalesMerchandise inventoryAdvertising expenseMiscellaneous income (Click to select)Accounts receivable-Continental bankCashAdvertising expenseMerchandise inventoryCost of goods soldSalesCredit card expenseMiscellaneous income (Click to select)Credit card expenseMerchandise inventoryAccounts receivableCashInsurance expenseCost of goods soldSuppliesSundry expense (Click to select)Merchandise inventoryAccounts receivableCredit card expenseSuppliesSundry expenseInsurance expenseCashCost of goods sold 20 (Click to select)Earned revenueAccounts receivable-Continental bankUnearned feeUnearned revenueCost of goods soldMerchandise inventoryCashAccounts payable-Continental bank (Click to select)Miscellaneous incomeAccounts receivable-Continental bankMerchandise inventoryCashUnearned revenueEarned revenueCost of goods soldUnearned fee
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