QUESTION 6

Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $2,600 of merchandise on credit (that had cost $1,600 ) to Natara Morris, terms n/15. June 5 sold $29,000 of merchandise (that had cost $17,400 ) to customers who used their Zisa cards. Zisa charges a 3% fee. June 6 Sold $20,000 of merchandise (that had cost $12,000 ) to customers who used their Access cards. Access charges a 2% fee. June 8 Sold $17,000 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 $2,040 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 Note: Enter debits before credits