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please help! Problem 7-1A (Algo) Sales on credit and sales on credit cards LO C1 Mayfair Company completed the following transactions and uses a perpetual
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Problem 7-1A (Algo) Sales on credit and sales on credit cards LO C1 Mayfair Company completed the following transactions and uses a perpetual inventory system, June 4 Sold $1,200 of merchandise on credit (that had cost $700) to Natara Morris, terms n/15. June 5 Sold $13,000 of merchandise (that had cost $7,800) to customers who used their Zisa cards. isa charges a 1t fee. June 6 Sold $9,000 of merchandise (that had cont $5,400) to customers who used their Access cards. Access charges a 31 tee. June B Sold $8,000 of merchandise (that had cost $2,900) to customers who used their access cards. Access charges a 28 June 13 Wrote of the account of Abigail Mckee against the Allowance for Doubtful Accounts. The $960 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. fee. Journal entry worksheet Record cost of goods sold, $700. Note: Enter debits before credits General Journal Debit Credit Date June 04 Record entry Clear entry View general Journal Journal entry worksheet Sold $13,000 of merchandise to customers who used their Zisa cards. Zisa charges a 1% fee. Note: Enter debits before credits. General Journal Debit Credit Date June 05 Record entry Clear entry View general Journal Journal entry worksheet Sold $9,000 of merchandise to customers who used their Access cards. Access charges a 3% fee. Note: Enter debits before credits. General Journal Debit Credit Date June 06 Record entry Clear entry View general Journal Journal entry worksheet Sold $8,000 of merchandise to customers who used their Access cards. Access charges a 2% fee. Note: Enter debits before credits. Date General Journal Debit Credit June 08 Record entry Clear entry View general Journal Journal entry worksheet Record cost of goods sold, $2,900. Note: Enter debits before credits. General Journal Debit Credit Date June 08 Record entry Clear entry View general Journal Journal entry worksheet Step by Step Solution
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