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Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $480) to Natara Morris, terms n/15. June 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. June 6 Sold $5,850 of merchandise (that had cost $3,880) to customers who used their Access cards. Access charges a 24 fee. June 8 Sold $4,350 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 $429 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.

Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $480) to Natara Morris, terms n/15. June 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. June 6 Sold $5,850 of merchandise (that had cost $3,880) to customers who used their Access cards. Access charges a 24 fee. June 8 Sold $4,350 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 $429 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.

FINANCIAL ACCOUNTING
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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answer in text form please (without image), Note: Every entry should have narration please
Mayfair Company 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. June 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. June 6 Sold $5,850 of merchandise (that had cost $3,880) to customers who used their Access cards. Access charges a 24 fee. June 8 Sold $4,350 of merchandise (that had cost $2,980) 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 $429 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 Note: Enter debits before credits. 5 Date June 04 6 Sold $650 of merchandise on credit to Natara Morris, terms n/15. General Journal 7 8 Debit < Prev 9 10 Credit 1 of 7 ⠀ Next >
Transcribed Image Text:Mayfair Company 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. June 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. June 6 Sold $5,850 of merchandise (that had cost $3,880) to customers who used their Access cards. Access charges a 24 fee. June 8 Sold $4,350 of merchandise (that had cost $2,980) 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 $429 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 Note: Enter debits before credits. 5 Date June 04 6 Sold $650 of merchandise on credit to Natara Morris, terms n/15. General Journal 7 8 Debit < Prev 9 10 Credit 1 of 7 ⠀ Next >
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