Archer Co. completed the following transactions and uses a perpetual inventory system. Aug. 4 Sold $3,700 of merchandise on credit (that had cost $2,000) to McKenzie Carpenter, terms n∕10. 10 Sold $5,200 of merchandise (that had cost $2,800) to customers who used their Commerce Bank credit cards. Commerce charges a 3% fee. 11 Sold $1,250 of merchandise (that had cost $900) to customers who used their Goldman cards. Goldman charges a 2% fee. 14 Received Carpenter’s check in full payment for the August 4 purchase. 15 Sold $3,250 of merchandise (that had cost $1,758) to customers who used their Goldman cards. Goldman charges a 2% fee. 22 Wrote off the account of Craw Co. against the Allowance for Doubtful Accounts. The $498 balance in Craw Co.’s account was from a credit sale last year. Required Prepare journal entries to record the preceding transactions and events.
Archer Co. completed the following transactions and uses a perpetual inventory system.
Aug. 4 Sold $3,700 of merchandise on credit (that had cost $2,000) to McKenzie Carpenter, terms
n∕10.
10 Sold $5,200 of merchandise (that had cost $2,800) to customers who used their Commerce
Bank credit cards. Commerce charges a 3% fee.
11 Sold $1,250 of merchandise (that had cost $900) to customers who used their Goldman cards.
Goldman charges a 2% fee.
14 Received Carpenter’s check in full payment for the August 4 purchase.
15 Sold $3,250 of merchandise (that had cost $1,758) to customers who used their Goldman cards.
Goldman charges a 2% fee.
22 Wrote off the account of Craw Co. against the Allowance for Doubtful Accounts. The $498 balance
in Craw Co.’s account was from a credit sale last year.
Required
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