Hello, I need help with the following question(s): rConnect ? ? ??Secure l https
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Hello, I need help with the following question(s):
rConnect ? ? ??Secure l https://newconnect.mheducation.com/flow/connect.html Ch 7 Exercises Help Save & Exit Submit Saved Check my work 12 Exercise 7-2 Accounting for credit card sales LO C1 3.88 pcinis Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card Continental assesses a 2.5% charge on sales for using its card eBook Apr. 8 Sold merchandisc for 8,400 (that had cost $6,080) and accepted the customer's Suntrust Bank Card 12 Sold merchandise for $5,602 (that had cost 3,580) and accepted the customer's Continental Card Hint Prepare journal entries to record the above selected credit card transactions of Levine Company. Piint References View transaction list Journal entry worksheet Sold merchandise for $8,400 and accepted the customer's Suntrust Bank Card Note: Enter debits before credits Pref 14Next Graw 8-04 PM O Type here to search f ~ Ma)7/10/2018Explanation / Answer
JOURNAL ENTRIES
Transaction
Date
General Journal
Debit
Credit
1a
1-Apr
Cash
$ 8,064.00
Credit Card Expenses
$ 336.00
Sales
$ 8,400.00
(Sales made by Credit card)
1b
1-Apr
Cost of Goods Sold
$ 6,000.00
Merchandise Inventory
$ 6,000.00
(Cost of Goods Sold Recorded)
2a
12-Apr
Cash
$ 5,460.00
Credit Card Expenses
$ 140.00
Sales
$ 5,600.00
(Sales made by Credit card)
2b
12-Apr
Cost of Goods Sold
$ 3,500.00
Merchandise Inventory
$ 3,500.00
(Cost of Goods Sold Recorded)
Note- It is assumed that payment by credit card companies are received instantly.
JOURNAL ENTRIES
Transaction
Date
General Journal
Debit
Credit
1a
1-Apr
Cash
$ 8,064.00
Credit Card Expenses
$ 336.00
Sales
$ 8,400.00
(Sales made by Credit card)
1b
1-Apr
Cost of Goods Sold
$ 6,000.00
Merchandise Inventory
$ 6,000.00
(Cost of Goods Sold Recorded)
2a
12-Apr
Cash
$ 5,460.00
Credit Card Expenses
$ 140.00
Sales
$ 5,600.00
(Sales made by Credit card)
2b
12-Apr
Cost of Goods Sold
$ 3,500.00
Merchandise Inventory
$ 3,500.00
(Cost of Goods Sold Recorded)
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