Mayfair Co. allows select customers to make purchases on credit. Its other customers can use...
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Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 2.0% service charge for sales on its credit card. Access deducts a 1.0% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $600 of merchandise on credit (that had cost $240) to Natara Morris. 5 Sold $9,600 of merchandise (that had cost $3,840) to customers who used their Zisa cards. 6 Sold $6,050 of merchandise (that had cost $2,420) to customers who used their Access cards. 8 Sold $4,670 of merchandise (that had cost $1,868) to customers who used their Access cards. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $567 balance in McKee's account stemmed from a credit sale in October of last year. 18 Received Morris's check in full payment for the purchase of June 4. Required: Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required: Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Sold $600 of merchandise on credit to Natara Morris. Note: Enter debits before credits. Date General Journal Debit Credit June 04 Required: Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (If n entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet N Sold $9,600 of merchandise to customers who used their Zisa cards. Note: Enter debits before credits. Date General Journal Debit Credit June 05 Required: Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet ) Record cost of goods sold, $3,840. Note: Enter debits before credits. Date General Journal Debit Credit June 05 Required: Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record cost of goods sold, $2,420. Note: Enter debits before credits. Date General Journal Debit Credit June 06 Required: Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Sold $4,670 of merchandise to customers who used their Access cards. Note: Enter debits before credits. Date General Journal Debit Credit June 08 Required: Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Wrote off the account of Abigail Mckee against the Allowance for Doubtful Accounts. The $567 balance in McKee's account stemmed from a credit sale in October of last year. Note: Enter debits before credits. Date General Journal Debit Credit June 13 Required: Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
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