Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of
Question:
June 4 Sold $ 650 of merchandise (that had cost $ 400) on credit to Natara Morris.
5 Sold $ 6,900 of merchandise (that had cost $ 4,200) to customers who used their Zisa cards.
6 Sold $ 5,850 of merchandise (that had cost $ 3,800) to customers who used their Access cards.
8 Sold $ 4,350 of merchandise (that had cost $ 2,900) to customers who used their Access cards.
10 Submitted Access card receipts accumulated since June 6 to the credit card company for payment.
13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $ 429 balance in McKee’s account stemmed from a credit sale in October of last year.
17 Received the amount due from Access.
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. Round amounts to the nearest dollar.)
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Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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