Prepare the entry

On April 2, Nancy Hansel uses her J. C. Penney Company credit card to purchase merchandise from a JC. Penney store for $4,500. On May 1, Hansel is billed for the $4,500 amount due. Hansel pays $700 on the balance due on May 3. On June 1, Hansel receives a bill for the amount due, including interest at 2% per month on the unpaid balance as of May 3. Prepare the entries on J.C. Penney Co. s books related to the transactions that occurred on April 2, May 3, and June 1. Date Account/Description Debit Credit May 3 une 1