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Business, 11.11.2019 20:31 Serenitybella
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 3% service charge for sales on its credit card. access deducts a 2% service charge for sales on its card. mayfair completes the following transactions in june. june 4 sold $650 of merchandise on credit (that had cost $400) to natara morris. 5 sold $6,900 of merchandise (that had cost $4,200) to customers who used their zisa cards. 6 sold $5,850 of merchandise (that had cost $3,800) to customers who used their access cards. 8 sold $4,350 of merchandise (that had cost $2,900) to customers who used their access cards. 13 wrote off the account of abigail mckee against the allowance for doubtful accounts. the $429 balance in mckeeās account stemmed from a credit sale in october of last year. 18 received morrisās check in full payment for the purchase of june 4.
required: prepare 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.)
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