Item2

3points

eBookAsk

Print

References

Check my workCheck My Work button is now enabled

Item 2

Item 2 3 points

Problem 7-1A (Static) Sales on credit and sales on credit cards LO C1

Mayfair Co. completed the following transactions and uses a perpetual inventory system.

June		4		Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n/15.
		5		Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee.
		6		Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards. Access charges a 2% fee.
		8		Sold $4,350 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2% fee.
		13		Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $429 balance in McKees account was from a credit sale last year.
		18		Received Morriss check in full payment for the June 4 purchase.

Required: Prepare journal entries to record the preceding transactions and events.