Levine Company uses the perpetual inventory system. Prepare journal entries to record the following credit card transactions of Levine Company. Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer’s Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer’s Continental Card. Continental charges a 2.5% fee.
Levine Company uses the perpetual inventory system. Prepare journal entries to record the following credit card transactions of Levine Company. Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer’s Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer’s Continental Card. Continental charges a 2.5% fee.
College Accounting (Book Only): A Career Approach
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ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 2PA: Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on...
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Levine Company uses the perpetual inventory system. Prepare
credit card transactions of Levine Company.
Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer’s Suntrust Bank
Card. Suntrust charges a 4% fee.
12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer’s Continental
Card. Continental charges a 2.5% fee.
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