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 $800 of merchandise on credit (that had cost $500) to Natara Morris, terms n/15. June 5 Sold $9,000 of merchandise (that had cost $5,400) to customers who used their Zisa cards. Zisa charges a 3% fee. June 6 Sold $6,000 of merchandise (that had cost $3,600) to customers who used their Access cards. Access charges a 2% fee. June 8 Sold $5,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 1% fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $600 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. Journal entry worksheet Sold $800 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date General Journal Debit Credit June 04 Record entry Clear entry View general journal Journal entry worksheet Record cost of goods sold, $500. Note: Enter debits before credits. Date General Journal Debit Credit June 04 Record entry Clear entry View general journal Journal entry worksheet Sold $9,000 of merchandise to customers who used their Zisa cards. Zisa charges a 3% fee. Note: Enter debits before credits. Date General Journal Debit Credit June 05 Record entry Clear entry View general journal Journal entry worksheet Record cost of goods sold, $5,400. Note: Enter debits before credits. Date General Journal Debit Credit June 05 Record entry Clear entry View general journal Journal entry worksheet Sold $6,000 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 06 Record entry Clear entry View general journal Journal entry worksheet Sold $5,000 of merchandise to customers who used their Access cards. Access charges a 1% 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. Date General Journal Debit Credit June 08 Record entry Clear entry View general journal Journal entry worksheet Received Morris's check in full payment for the June 4 purchase. Note: Enter debits before credits. Date General Journal Debit Credit June 18 Record entry Clear entry View general journal