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Presented below are two independent situations. (a) On April 2. Jennifer Elston uses her JCPenney...

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Accounting

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Presented below are two independent situations. (a) On April 2. Jennifer Elston uses her JCPenney Company credit card to purchase merchandise from a JCPenney store for $1.500. On May 1, Elston is billed for the $1.500 amount due. Elston pays $800 on the balance due on May 3. Elston receives a bill dated June 1 for the amount due, including interest at 10% per month on the unpaid balance as of May 3. Prepare the entries on JC Penney Cos books related to the transactions that occurred on April 2, May 3, and June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (b) On July 4, Novak Restaurant accepts a Visa card for a $500 dinner bill. Visa charges a 2% service fee. Prepare the entry on Novak books related to this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 4

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