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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 $2,500 (that had cost $1,400) and accepted the customer's Z-Mart store credit card. May 31 Z-Mart recorded $7 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. View transaction list 1 Z-Mart sold merchandise for $2,500 and accepted the customer's Z-Mart store credit card. art store 2 Record the cost of good sold $1,400. 3 Z-Mart recorded $7 of interest earned from its store credit card as of this month-end
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