Exercise 9-2 Accounting for credit card sales LO C1Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $7,500 (that had cost $5,543) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,629) 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.) Journal entry worksheet12Sold merchandise for $7,500 and accepted the customer's Suntrust Bank Card.Suntrust charges a 4% fee.DateApr 083 4Note: Enter debits before credits.Record entryGeneral JournalClear entryDebitCreditView general journal

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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 9-2 Accounting for credit card sales LO C1

Levine Company uses the perpetual inventory system.

Apr.		8		Sold merchandise for $7,500 (that had cost $5,543) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee.
		12		Sold merchandise for $5,600 (that had cost $3,629) 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.)

Journal entry worksheet
1
2
Sold merchandise for $7,500 and accepted the customer's Suntrust Bank Card.
Suntrust charges a 4% fee.
Date
Apr 08
3 4
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Debit
Credit
View general journal

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