Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n∕15. 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. 6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards. Access charges a 2% fee. 8 Sold $4,350 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2% fee. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $429 balance in McKee’s account was from a credit sale last year. 18 Received Morris’s check in full payment for the June 4 purchase. Required Prepare journal entries to record the preceding transactions and events.
Mayfair Co. completed the following transactions and uses a perpetual inventory system.
June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n∕15.
5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa
charges a 3% fee.
6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards.
Access charges a 2% fee.
8 Sold $4,350 of merchandise (that had cost $2,900) to customers who used their Access cards.
Access charges a 2% fee.
13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The
$429 balance in McKee’s account was from a credit sale last year.
18 Received Morris’s check in full payment for the June 4 purchase.
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