Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what are the answers? Exercise 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for

what are the answers?

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Exercise 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $7,500 (that had cost $5,543) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,000 (that had cost $3,240) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet Sold merchandise for $7,500 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Record entry Clear entry View general journal Journal entry worksheet Record the cost of goods sold, $5,543. Note: Enter debits before credits. Clear entry View general journal Journal entry worksheet Sold merchandise for $5,000 and accepted the customer's Continental Card. Continental charges a 2.5% fee. Note: Enter debits before credits. Clear entry View general journal Journal entry worksheet Record the cost of goods sold, $3,240. Note: Enter debits before credits. Clear entry View general journal Required information Use the following information for the Exercises below. [7' he following information applies to the questions displayed below. ] Following are transactions of Danica Company. Dec. 13 Accepted a $15,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-12 Notes receivable transactions LO CZ Complete the table to calculate the interest amounts at December 31St (Do not round your intermediate calculations. Use 360 days a year.) and use the calculated value to prepare yourjournal entries. Complete this question by entering your answers in the tabs below. Interest General Amounts Journal Complete the table to calculate the interest amounts at December 315'. Rate (%) Total interest Interest General Amounts Journal Use the calculated value to prepare your journal entries. View transaction list Journal entry worksheet Record acceptance of a $15,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. Note: Enter debits befOre credits. Record entry Clear entry View general journal Journal entry worksheet Prepare an adjusting entry to record the accrued interest on the Lee note. Note: Enter debits before credits. Record entry Clear entry View general journal

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

Mathematical Statistics With Applications In R

Authors: Chris P. Tsokos, K.M. Ramachandran

2nd Edition

124171133, 978-0124171138

Students also viewed these Accounting questions