Exercise 7-3 Sales on store credit card LO C1 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 $2,800 (that had cost $1,550) and accepted the customer's Z-Mart store credit card. May 31 Z-Mart recorded $3 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. X Answer is not complete. No Date General Journal Debit Credit Apr 30 Sales 2,800 X Cost of goods sold 1,550 X Merchandise inventory 1,550 X 3 May 31 Accounts receivable 3 O Interest revenue 3
Exercise 7-3 Sales on store credit card LO C1 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 $2,800 (that had cost $1,550) and accepted the customer's Z-Mart store credit card. May 31 Z-Mart recorded $3 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. X Answer is not complete. No Date General Journal Debit Credit Apr 30 Sales 2,800 X Cost of goods sold 1,550 X Merchandise inventory 1,550 X 3 May 31 Accounts receivable 3 O Interest revenue 3
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Exercise 7-3 Sales on store credit card LO C1
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 $2,800 (that had cost $1,550) and accepted the customer's Z-Mart store credit card.
May 31 Z-Mart recorded $3 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.
X Answer is not complete.
No
Date
General Journal
Debit
Credit
Apr 30
Sales
2,800 X
Cost of goods sold
1,550 X
Merchandise inventory
1,550 X
3
May 31
Accounts receivable
3 O
Interest revenue
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