Able Co. allows select customers to make purchases on credit. Its other customers can use either of
Question:
Aug. 4 Sold $2,780 of merchandise (that had cost $1,750) on credit to Stacy Dalton.
10 Sold $3,248 of merchandise (that had cost $2,456) to customers who used their Commerce Bank credit cards.
11 Sold $1,575 of merchandise (that had cost $1,150) to customers who used their Aztec cards.
14 Received Dalton’s check in full payment for the purchase of August 4.
15 Sold $2,960 of merchandise (that had cost $1,758) 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 Ness City against the Allowance for Doubtful Accounts. The $398 balance in Ness City’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.
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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