Accouting. Need help looking at some of my answers and questions I don\'t unders
ID: 2516071 • Letter: A
Question
Accouting.
Need help looking at some of my answers and questions I don't understand. Thank you
It is A lot so I am sorry in advance
Check my work 1 Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access, Zisa deducts a 4.0% service charge for sales on its credit card. Access deducts a 3.0% service charge for sales on its card. Mayfair completes the following transactions in June June 4 Sold $700 of merchandise on credit (that had cost $280) to Natara Morris points 5 Sold $6,600 of merchandise (that had cost $2,640) to customers who used their zisa cards 6 Sold $6,094 of merchandise (that had cost $2,438) to customers who used their Access cards 8 Sold $4,270 of merchandise (that had cost $1,708) to customers who used their Access cards eBook 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $447 balance in McKee's account stemmed from a credit sale in October of last year 18 Received Morris's check in full payment for the purchase of June 4 Ask Print Required ReferencesPrepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Explanation / Answer
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Marfair Company Date Account Title Debit Credit June.4 Accounts Receivable - N.Morris 700 Sales 700 Cost of goods sold 280 Inventory 280 June.5 Accounts Receivable - Zisa 6336 Credit Card Expenses 264 Sales 6600 Cost of goods sold 2640 Inventory 2640 June.6 Accounts Receivable - Access 5911 Credit Card Expenses 183 Sales 6094 Cost of goods sold 2438 Inventory 2438 June.8 Accounts Receivable - Access 4142 Credit Card Expenses 128 Sales 4270 Cost of goods sold 1708 Inventory 1708 June.13 Allowance for doubtful accounts 447 Accounts receivable 447 June.18 Cash 700 Accounts receivable - N.Morris 700Related Questions
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