prepare the journal entries for the transactions that occurred in June, July, and August the company uses a perpetual inventory system. The answer is highlighted in red are what i got incorrect
One of Natalie's friends, Curtis Lesperance, nuns a coffee shop where he sells specialty colfees and prepares and sells muffins and cookies. He is eager to buy one of Natalie's fine European muvers, which would enable him to muke larger batches of inutfins and cookies. However. Curtis canot afford to pay for the miker for at loast 30 days. He asks Natalie if she would be willing to seil him the mixer on credit. The following transactions occurred in June through August Prepare journal entries for the transactions that occurred in June, July, and August. The company uses a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 25.20. Record journal entries in the order presented in the problem.) The following transactions occurred in June through August. June 1 After much thought, Natalie sells a mixer to Curtis on credit, terms n/30, for $1,100 (cost of mixer $600 ). 2 Natalie meets with the bank manager and arranses to pot access to a credit eard account. The terms of credit card transactions are 3% of the sales transactions and a monthly cquipment rental charge of $75. 30 Natalie teaches 13 classes in June. Seven clastes were paid for in cash, $1.050; the other six classes were paid for by credit card, $900. 30 Natalie receives and reconciles her bank statement. She makes sure that the bank has correctlyprocessed the monthiy $75 charge for the rental of the credit card equipment and the 3 fee on the credit card transactions. 30 Curtis cilis Natalie. He is unable to pay the amount outstanding for another month, so he signs a one-month, 68 note receivable. July 15 Natalie sells a moxer to a triend of Curtis's. The friend pans $1,100 for the mbxer by credit card (cost of mixer $600 ). 30 Natalie teaches 16 classes in July. Elght classes are paid for in cash $1.200; eight classes are paid for by credit card, $1,200. 31 Natalie reconciles her bank statement and makes wure the bank has recorded the correct amounts for the rental of the credit cardequipment and the credit card sales. 31 Curtis calls Natalie. He cannot pary todiy but hopes to fawe a check for her at the end of the week, Natalie accrues fuly. interest. Aug: 10 Curtiscals mealinand Natalio serees to extend the note to two months. Curtis will repay the note on Augunt 31. including interest for 2 months. 31. Natalie recolves a cheek from Curt is in parment of his balance plus interest outstanding