Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $2,100 of merchandise on credit (that had cost $1,300) to Natara Morris, terms n/15. June 5 Sold $23,000 of merchandise (that had cost $13,800) to customers who used their Zisa cards. Zisa charges a 1% fee. June 6 Sold $16,000 of merchandise (that had cost $9,600) to customers who used their Access cards. Access charges a 3 fee. June 8 Sold $14,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2 fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $1,680 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Sold $2,100 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date June 04 General Journal Debit Credit Pray Next

Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $2,100 of merchandise on credit (that had cost $1,300) to Natara Morris, terms n/15. June 5 Sold $23,000 of merchandise (that had cost $13,800) to customers who used their Zisa cards. Zisa charges a 1% fee. June 6 Sold $16,000 of merchandise (that had cost $9,600) to customers who used their Access cards. Access charges a 3 fee. June 8 Sold $14,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2 fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $1,680 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Sold $2,100 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date June 04 General Journal Debit Credit Pray Next

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Description: jlp.3 esMayfair Company completed the following transactions and uses a perpetual inventory system.June 4 Sold $2,100 of merchandise on credit (that had cost $1,300) to Natara Morris, terms n/15.June 5 Sold $23,000 of merchandise (that had cost $13,8

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,100 of merchandise on credit (that had cost $700) to Natara Morris, terms n/15. June 5 Sold $12,000 of merchandise (that had cost $7,200) to customers who used their Zisa cards. Zisa charges a 3% fee. June 6 Sold $8,000 of merchandise (that had cost $4,800) to customers who used their Access cards. Access charges a 28 fee. June 8 Sold $7,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 18 fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $840 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Sold $1,100 of merchandise on credit to Natara Morris,…
Mayfair Company completed the following transactions and uses a perpetual Inventory system. June 4 Sold $2,700 of merchandise on credit (that had cost $1,600) to Natara Morris, terms n/15. June 5 Sold $30,000 of merchandise (that had cost $18,000) to customers who used their Zisa cards. Zisa charges a 14 fee. June 6 Sold $21,000 of merchandise (that had cost $12,600) to customers who used their Access cards. Access charges a 3% fee. June 8 Sold $18,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2 fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $2,160 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet Sold $2,700 of merchandise on credit to Natara Morris, terms n/15. Note:…