Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $700...

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Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $700 of merchandise on credit (that had cost $280) to Natara Morris, terms n/15. 5 Sold $6,600 of merchandise (that had cost $2,640) to customers who used their Zisa cards. Zisa charges a 2.5% fee. 6 Sold $5,622 of merchandise (that had cost $2,249) to customers who used their Access cards. Access charges a 1.5% fee. 8 Sold $4,720 of merchandise (that had cost $1,888) to customers who used their Access cards. Access charges a 1.5% fee. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $712 balance in McKee's account was from a credit sale last year. 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. (Do not round intermediate calculations.) Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $700 of merchandise on credit (that had cost $280) to Natara Morris, terms n/15. 5 Sold $6,600 of merchandise (that had cost $2,640) to customers who used their Zisa cards. Zisa charges a 2.5% fee. 6 Sold $5,622 of merchandise (that had cost $2,249) to customers who used their Access cards. Access charges a 1.5% fee. 8 Sold $4,720 of merchandise (that had cost $1,888) to customers who used their Access cards. Access charges a 1.5% fee. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $712 balance in McKee's account was from a credit sale last year. 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. (Do not round intermediate calculations.)

Answer rating: 100% (QA)

Here are the journal entries for the transactions June 5 Debit Accounts Receivable Zisa Cards 6435 6... View the full answer