Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any unpaid balance on its store
Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $2,000 (that had cost $1,150) and accepted the customer's Z-Mart store credit card. May 31 Z-Mart recorded $8 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above credit card transactions of Z-Mart. < 1 2 3 Z-Mart sold merchandise for $2,000 and accepted the customer's Z-Mart store credit card. Note: Enter debits before credits. Date Apr 30 General Journal Debit Credit Journal entry worksheet 1 2 3 Record the cost of good sold $1,150. Note: Enter debits before credits. Date Apr 30 General Journal Debit Credit > Journal entry worksheet 1 2 3 Z-Mart recorded $8 of interest earned from its store credit card as of this month-end. Note: Enter debits before credits. Date May 31 General Journal Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started