On April 2, Jennifer Elston uses her JCPenney Company credit card to purchase me

Question

On April 2, Jennifer Elston uses her JCPenney Company credit card to purchase merchandise from a JCPenney store for $1,000. On May 1, Eiston is billed for the $1,000 Do not indent manually. Record journal entries in the order presented in the problem.) the transactions that occurred on April 2, May 3, and June 1. (Credit account tities are au ndented when amount is en a4% service fee. Prepare the entry on to this transaction. (Credit On July 4, account titles are au ly indented when amount is entered. Do not indent manually.) 2

Explanation / Answer

Apr-02 Accounts receivable 1000          Sales revenue 1000 May-03 Cash 500        Accounts receivable 500 Jun-01 Accounts receivable 15 =500*3%         Interest revenue 15 b Jul-04 Cash 192 Service charge 8          Sales revenue 200

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