Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,800...

 

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Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,800 of merchandise on credit (that had cost $1,100) to Natara Morris, terms n/15. June 5 Sold $20,000 of merchandise (that had cost $12,000) to customers who used their lisa cards. Zisa charges a 1 fee. June 6 Sold $14,000 of merchandise (that had cost $8,400) to customers who used their Access cards. Access charges a 38 fee. June 8 Sold $12,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 28 fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $1,440 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 10 > Sold $1,800 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date June 04 General Journal Debit Credit Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,800 of merchandise on credit (that had cost $1,100) to Natara Morris, terms n/15. June 5 Sold $20,000 of merchandise (that had cost $12,000) to customers who used their lisa cards. Zisa charges a 1 fee. June 6 Sold $14,000 of merchandise (that had cost $8,400) to customers who used their Access cards. Access charges a 38 fee. June 8 Sold $12,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 28 fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $1,440 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 10 > Sold $1,800 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date June 04 General Journal Debit Credit

Answer rating: 100% (QA)

Answer The journal entries for the transactions are as follows 1 Sold 1800 of merchandise on credit ... View the full answer