Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 7-1A Sales on account and credit card sales LO C1 Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Problem 7-1A Sales on account and credit card sales LO C1 Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold 5600 of eerchandise on credit (that had cost 5240 ) to Natara Morris, teres n/15. 5 Sold 56,300 of nerchandise (that had cost $2,520 ) to customers who used their Z1sa cards. Zisa charges a 4.03 fee. 6 Sold 55,774 of merchandise (that had cost $2,310 ) to custceers who used their Access cards. Access charges a 3.en fee. 8 Sold $4,710 of merchandise (that had cost \$1,884) to customers who used their Access cards. Access charges a 3, en fee. 13 Wrote off the account of Abigail Mckee against the Allowance for Doubtful Accounts. The ss9s balance in Mckee's account was froe a credit sale last year. 18 Received Morris's check in full paysent for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. (Do not round intermediate caiculations.) Journal entry worksheet (3) (4) (5)78 Sold $600 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Journal entry worksheet (3) 4 Journal entry worksheet (5) (6) 789 Sold $6,300 of merchandise to customers who used their Zisa cards. Zisa charges a 4% fee. Note: Enter debits before credits. Journal entry worksheet (1) 2 Journal entry worksheet (1) (2) Sold $5,774 of merchandise to customers who used their Access cards. Access charges a 3% fee. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet 1 2 (3) 4 5 6 8 9 10 Sold $4,710 of merchandise to customers who used their Access cards. Access charges a 3% fee. Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $595 balance in McKee's account was from a credit sale last year. Note: Enter debits before credits. Inirnal entry worksheet Received Morris's check in full payment for the June 4 purchase. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quality Auditing Note Book Journal Notes Checklist Questions Observations Evidence Log

Authors: Just Visualize It, The Quality Guy

1st Edition

1726688402, 978-1726688406

More Books

Students also viewed these Accounting questions

Question

3. List ways to manage relationship dynamics

Answered: 1 week ago