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Exercise 7-2 (Static) Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4 fee. April 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental- charges a 2.5t fee. Prepare journal entries to record the above credit card transactions of Levine Company. View transaction list View journal entry worksheet No Date General Journal 1 April 08 Credit card expense 2 April 08 Cost of goods sold Merchandise inventory 3 April 12 Cash Credit card expense Sales Debit Credit 336 6,000 6,000 140 4 April 12 Cost of goods sold 3,500 Merchandise inventory 3,500

Exercise 7-2 (Static) Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4 fee. April 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental- charges a 2.5t fee. Prepare journal entries to record the above credit card transactions of Levine Company. View transaction list View journal entry worksheet No Date General Journal 1 April 08 Credit card expense 2 April 08 Cost of goods sold Merchandise inventory 3 April 12 Cash Credit card expense Sales Debit Credit 336 6,000 6,000 140 4 April 12 Cost of goods sold 3,500 Merchandise inventory 3,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 7-2 (Static) Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4 fee. April 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental- charges a 2.5t fee. Prepare journal entries to record the above credit card transactions of Levine Company. View transaction list View journal entry worksheet No Date General Journal 1 April 08 Credit card expense 2 April 08 Cost of goods sold Merchandise inventory 3 April 12 Cash Credit card expense Sales Debit Credit 336 6,000 6,000 140 4 April 12 Cost of goods sold 3,500 Merchandise inventory 3,500
Transcribed Image Text:Exercise 7-2 (Static) Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4 fee. April 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental- charges a 2.5t fee. Prepare journal entries to record the above credit card transactions of Levine Company. View transaction list View journal entry worksheet No Date General Journal 1 April 08 Credit card expense 2 April 08 Cost of goods sold Merchandise inventory 3 April 12 Cash Credit card expense Sales Debit Credit 336 6,000 6,000 140 4 April 12 Cost of goods sold 3,500 Merchandise inventory 3,500
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