Marbus Co. allows select customers to make purchases on credit. Its other customers can use either of
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Aug. 4 Sold $600 of merchandise (that had cost $470) on credit to Kirby Carpen.
10 Sold $6,100 of merchandise (that had cost $5,100) to customers who used their Commerce Bank credit cards.
11 Sold $7,200 of merchandise (that had cost $6,150) to customers who used their Aztec cards.
14 Received Carpen’s check in full payment for the purchase of August 4.
15 Sold $4,900 of merchandise (that had cost $3,500) to customers who used their Aztec cards.
18 Submitted Aztec card receipts accumulated since August 11 to the credit card company for payment.
22 Wrote off the account of Rayvac Co. against the Allowance for Doubtful Accounts. The $568 balance in Rayvac’s account stemmed from a credit sale in November of last year.
25 Received the amount due from Aztec.
Required
Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system. Round amounts to the nearest dollar.)
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