Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $4,200 (that had cost $3,104) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $3,600 (that had cost $2,333) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare Journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 2 3 4 > Sold merchandise for $4,200 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08

Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $4,200 (that had cost $3,104) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $3,600 (that had cost $2,333) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare Journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 2 3 4 > Sold merchandise for $4,200 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08

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Description: Levine Company uses the perpetual inventory system.Apr. 8 Sold merchandise for $4,200 (that had cost $3,104) and accepted the customer's Suntrust Bank Card.Suntrust charges a 4% fee.12 Sold merchandise for $3,600 (that had cost $2,333) and accepted

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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Haynes Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. View the transactions. Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.) Jun. 20: Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Date Jun. 20 Accounts Debit Credit Transactions Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Paid freight charges, $200. Returned $700 of inventory to Luca Diamonds. Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Paid Jia Diamonds, less allowance and discount. Paid Luca Diamonds, less return. Purchased inventory of $4,100 on account from Jia Diamonds, a jewelry…
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StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of September 2020: Sept. 3 Purchased merchandise on credit for $6,200 from Pacer Co. 7 Sold merchandise on credit to J. Namal for $1,800, subject to a 2% sales discount if paid by the end of the month. Cost, $1,000. 9 Borrowed $5,500 by giving a note to the bank. 13 The owner, Dale Trent, invested an additional $7,000 cash into the business. 18 Sold merchandise to B. Baird for $460 cash. Cost, $280. 22 Paid Pacer Co. $6,200 for the merchandise purchased on September 3. 27 Received $1,764 from J. Namal in payment of the September 7 purchase. 30 Paid salaries of $3,200. Journalize the September transactions that should be recorded in the Cash Receipts Journal, assuming the perpetual inventory system. (Enter transactions in order) Image attached…
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Credit Card Sales Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $20,000 of merchandise, that cost $15,000, on MasterCard credit cards. The net cash receipts from sales are immediately deposited in the seller's bank account. MasterCard charges a 5% fee. 2. Sold $5,000 of merchandise, that cost $3,000, on an assortment of credit cards. Net cash receipts are received 5 days later, and a 4% fee is charged. 1
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