White Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, 1/30, and all sales and recorded at the gross price. Other customers can use a bank credit card where the bank deducts a 4% service charge for credit card sales and credits the bank account of White immediately when credit card receipts are deposited. White uses the perpetual inventory method. Prepare journal entries to record the following selected transactions and events. June 4 16 18 10 Sold $12,000 of merchandise (cost $7,000) on credit to Grant Sold $17,000 of merchandise (cost $9,350) to customers who used a bank credit card, receipts were processed and deposited the same day. Sold 88,500 of merchandise (cost $4,500) on credit to Emma Company Accepted a $6,700, 45-day, 6% note dated this day in granting Cory Tam a time extension on his pasl-due account receivable. Received Grant's check in full payment of the purchase on June 4 Wrote off the account of Z. Westmore against the Allowance for Doubtful Accounts. The $1,580 balance stemmed from a credit sale in January Accepted a $6,240, 30-day, 10% note dates this day in granting F. Potter a time extension on his past-due account receivable. 12 15 20 Save All Answers "ick Save and Submit to save and submit. Click Save All Answers to save all answers June 4 Sold $12,000 of merchandise (cost $7,000) on credit to Grant 16 Sold $17,000 of merchandise (cost $9,350) to customers who used a bank credit card, receipts were processed and deposited the same day 18 Sold $8,500 of merchandise (cost $4,500) on credit to Emma Company 10 Accepted a $6,700, 45-day, 6% note dated this day in granting Cory Tam a time extension on his past-due account receivable 12 Received Grant's check in full payment of the purchase on June 4. Wrote off the account of Z. Westmore against the Allowance for Doubtful Accounts. The 15 $1,580 balance stemmed from a credit sale in January Accepted a $6,240, 30-day, 10% note dates this day in granting F. Potter a time extension 20 on his past-due account receivable. Received the amount previously written-off from Z Westmore, 20 F. Potter dishonored his note when presented for payment 125 Received payment of principal plus interest from Cory Tam. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). July 17 End Submit all TNS Save