**Levine Company Journal Entries for Credit Card Transactions**Levine Company uses the perpetual inventory system.**Transactions:**- **April 8:** Sold merchandise for $3,400 (which cost $2,513) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. - **April 12:** Sold merchandise for $6,400 (which cost $4,147) and accepted the customer's Continental Card. Continental charges a 2.5% fee.**Instructions:**Prepare journal entries to record the above credit card transactions for Levine Company. *(Round your answers to the nearest whole dollar amount.)***Journal Entries:**1. Sold merchandise for $3,400 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 2. Record the cost of goods sold, $2,513.3. Sold merchandise for $6,400 and accepted the customer's Continental Card. Continental charges a 2.5% fee.4. Record the cost of goods sold, $4,147.**Note:** Green dot indicates that the journal entry has been entered.**Toolbar:**- "View transaction list" button.- Navigation button for journal entry steps.This exercise helps in understanding the recording of credit card sales and applicable fees within a perpetual inventory system.

Name: **Levine Company Journal Entries for Credit Card Transactions**Levine
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Description: **Levine Company Journal Entries for Credit Card Transactions**Levine Company uses the perpetual inventory system.**Transactions:**- **April 8:** Sold merchandise for $3,400 (which cost $2,513) and accepted the customer's Suntrust Bank Card. Suntrus

The journal entries are prepared to keep the record of day to day transactions of the business on…

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Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $3,400 (that had cost $2,513) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4 fee. April 12 Sold merchandise for $6,400 (that had cost $4,147) 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 Sold merchandise for $3,400 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 2 Record the cost of goods sold, $2,513. 3 Sold merchandise for $6,400 and accepted the customer's Continental Card. Continental charges a 2.5% fee. 4 Record the cost of goods sold, $4,147. Note : journal entry has been entered EX ank Card. Credit

Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $3,400 (that had cost $2,513) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4 fee. April 12 Sold merchandise for $6,400 (that had cost $4,147) 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 Sold merchandise for $3,400 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 2 Record the cost of goods sold, $2,513. 3 Sold merchandise for $6,400 and accepted the customer's Continental Card. Continental charges a 2.5% fee. 4 Record the cost of goods sold, $4,147. Note : journal entry has been entered EX ank Card. Credit

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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