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Problem 7-1A Sales on credit and sales on credit cards C1 Mayfair Co, completed the following transactions and uses a perpetual inventory system. June 4
Problem 7-1A Sales on credit and sales on credit cards C1 Mayfair Co, completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400 ) to Natara Morris, terms m15. 5 Sold $6,900 of merchandise (that had cost $4,200 ) to customers who used their Zisa cards. Zisa charges a 3% fee. 6 Sold $5,850 of merchandise (that had cost $3,800 ) to customers who used their Access cards. Access charges a 2% fee. 8 Sold $4,350 of merchandise (that had cost $2,900 ) to customers who used their Access cards. Access charges a 2% fee. 13 Wrote off the account of Abigail McKee against the Alowance for Doubtful Accounts. The 429 balance in McKee's account was from a credit sale last year. 18 Received Morris's check in full payment for the June 4 purchase. Check June 19, Or. Cast, $650 Required Prepare journal entries to record these transactions and events
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