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Levine Company uses the perpetual inventory system. Prepare journal entries

Levine Company uses the perpetual inventory system. Prepare journal entries to record the following credit card transactions

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Levine Company uses the perpetual inventory system. Prepare journal entries to record the following credit card transactions of Levine Company.

Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental charges a 2.5% fee.

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Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental charges a 2.5% fee.

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Apr8 Cash 8064 Credit Card Expense 336 Sales 8400 Record credit ...View the full answer

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Fundamental Accounting Principles

ISBN: 978-1259916960

24th edition

Authors: John J Wild, Ken Shaw

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Question Posted: Jul 09, 2019 10:31 AM

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Levine Company uses the perpetual inventory system. Prepare journal entries to record the following credit card transactions

Question:

Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental charges a 2.5% fee.

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Apr8 Cash 8064 Credit Card Expense 336 Sales 8400 Record credit ...View the full answer

Fundamental Accounting Principles

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