Homework Help is Here – Start Your Trial Now!
Business
Accounting
Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $2,100 of merchandise on credit (that had cost $1,300) to Natara Morris, terms n/15. June 5 Sold $23,000 of merchandise (that had cost $13,800) to customers who used their Zisa cards. Zisa charges a 1% fee. June 6 Sold $16,000 of merchandise (that had cost $9,600) to customers who used their Access cards. Access charges a 3 fee. June 8 Sold $14,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2 fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $1,680 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Sold $2,100 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date June 04 General Journal Debit Credit Pray Next

Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $2,100 of merchandise on credit (that had cost $1,300) to Natara Morris, terms n/15. June 5 Sold $23,000 of merchandise (that had cost $13,800) to customers who used their Zisa cards. Zisa charges a 1% fee. June 6 Sold $16,000 of merchandise (that had cost $9,600) to customers who used their Access cards. Access charges a 3 fee. June 8 Sold $14,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2 fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $1,680 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Sold $2,100 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date June 04 General Journal Debit Credit Pray Next

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

jlp.3 

es Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $2,100 of merchandise on credit (that had cost $1,300) to Natara Morris, terms n/15. June 5 Sold $23,000 of merchandise (that had cost $13,800) to customers who used their Zisa cards. Zisa charges a 1% fee. June 6 Sold $16,000 of merchandise (that had cost $9,600) to customers who used their Access cards. Access charges a 3% fee. June 8 Sold $14,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2% fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $1,680 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet 1 2 3 4 5 60 7 8 9 10 Sold $2,100 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date June 04 General Journal Debit Credit Prev 1 of 1 Next
Transcribed Image Text:es Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $2,100 of merchandise on credit (that had cost $1,300) to Natara Morris, terms n/15. June 5 Sold $23,000 of merchandise (that had cost $13,800) to customers who used their Zisa cards. Zisa charges a 1% fee. June 6 Sold $16,000 of merchandise (that had cost $9,600) to customers who used their Access cards. Access charges a 3% fee. June 8 Sold $14,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2% fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $1,680 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet 1 2 3 4 5 60 7 8 9 10 Sold $2,100 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date June 04 General Journal Debit Credit Prev 1 of 1 Next
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS