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.
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

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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