Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,100 of merchandise on credit (that had cost $700) to Natara Morris, terms n/15. June 5 Sold $12,000 of merchandise (that had cost $7,200) to customers who used their Zisa cards. Zisa charges a 3% fee. June 6 Sold $8,000 of merchandise (that had cost $4,800) to customers who used their Access cards. Access charges a 2% fee. June 8 Sold $7,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 1% fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $840 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 5 6 7 8 9 10 Sold $1,100 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date June 04 General Journal Debit Credit Record entry Clear entry View general journal <

Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,100 of merchandise on credit (that had cost $700) to Natara Morris, terms n/15. June 5 Sold $12,000 of merchandise (that had cost $7,200) to customers who used their Zisa cards. Zisa charges a 3% fee. June 6 Sold $8,000 of merchandise (that had cost $4,800) to customers who used their Access cards. Access charges a 2% fee. June 8 Sold $7,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 1% fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $840 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 5 6 7 8 9 10 Sold $1,100 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date June 04 General Journal Debit Credit Record entry Clear entry View general journal <

Name: Alpesh Mayfair Company completed the following transactions and uses a
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Description: Alpesh Mayfair Company completed the following transactions and uses a perpetual inventory system.June 4 Sold $1,100 of merchandise on credit (that had cost $700) to Natara Morris, terms n/15.June 5 Sold $12,000 of merchandise (that had cost $7,200)

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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