Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either...

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Accounting

Mayfair Co. allows select customers to make purchases on credit.Its other customers can use either of two credit cards: Zisa orAccess. Zisa deducts a 3% service charge for sales on its creditcard. Access deducts a 2% service charge for sales on its card.Mayfair completes the following transactions in June.
June 4 Sold $650 of merchandise on credit (that had cost $400) toNatara Morris terms n/30.
5 Sold $6,900 of merchandise (that had cost $4,200) to customerswho used their Zisa cards.
6 Sold $5,850 of merchandise (that had cost $3,800) to customerswho used their Access cards.
8 Sold $4,350 of merchandise (that had cost $2,900) to customerswho used their Access cards.
13 Wrote off the account of Abigail McKee against the Allowancefor Doubtful Accounts. The $429 balance in McKee’s account stemmedfrom a credit sale in October of last year.
18 Received Morris’s check in full payment for the purchase ofJune 4.

Required:
Prepare journal entries to record the preceding transactions andevents. (The company uses the perpetual inventory system.)(If no entry is required for a transaction/event, select"No journal entry required" in the first accountfield.)

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Solution Date Particulars Debit Credit Jun 4 Accounts receivable Customer N 650 Sales 650 To record the credit sales Jun 4 Cost of Goods Sold 400 Merchandise Inventory 400 To record the cost of merchandise sold Jun 5 Cash 6693 Credit card expense See Answer

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June	4	Sold $650 of merchandise on credit (that had cost $400) toNatara Morris terms n/30.
	5	Sold $6,900 of merchandise (that had cost $4,200) to customerswho used their Zisa cards.
	6	Sold $5,850 of merchandise (that had cost $3,800) to customerswho used their Access cards.
	8	Sold $4,350 of merchandise (that had cost $2,900) to customerswho used their Access cards.
	13	Wrote off the account of Abigail McKee against the Allowancefor Doubtful Accounts. The $429 balance in McKee’s account stemmedfrom a credit sale in October of last year.
	18	Received Morris’s check in full payment for the purchase ofJune 4.