Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. levine company uses the perpetual inventory system

Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,400(that had...

80.2K

Verified Solution

Question

Accounting

Levine Company uses the perpetual inventory system.
April 8 Sold merchandise for $8,400(that had cost $6,000) and accepted the customers Suntrust Bank Card. Suntrust charges a 4% fee.
April 12 Sold merchandise for $5,600(that had cost $3,500) and accepted the customers Continental Card. Continental charges a 2.5% fee.
Prepare journal entries to record the above credit card transactions of Levine Company.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Finding cells when examining various types of tissues under the microscope helped scientists agree on...

Basic Math
1.2K views

Eddie found a store that sells cell phone casesfor $18.50 plus $0.15 per letter engraved...

Basic Math
1.2K views

Use the discriminant to determine whether the quadratic equation has zero, one, or two distinct...

Calculus
1.2K views

The graph of a function h is given range 6 5 4 3 2 1...

Algebra
1.2K views

Area of Cylinders 4 Determine the surface area of the pot diameter 8 in 4...

Accounting
1.2K views

China Inn and Midwest Chicken exchanged assets. Midwest Chicken received restaurant equipment and gave delivery...

Accounting
1.2K views

Warner Company's year-end unadjusted trial balance shows accounts receivable of $101.000, allowance for doubtful accounts...

Accounting
1.2K views

During the year, The Train Stop decreased its accounts receivable by $60, increased its inventory...

Accounting
1.2K views

70) A taxpayer paid $8,000 of qualified education expenses for his two dependents during the...

Finance
1.2K views

QUESTION 4 BELOW IS WORTH 10 POINTS IN TOTAL On October 31, 2017, Perry Company...

Finance
1.2K views

Light emitting diodes (LED) Iight bulbs have become required in recent years, but do Light...

Accounting
1.2K views

how to calculate the wages expense