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Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $8,800 (that had cost...
Levine Company uses the perpetual inventory system.
Apr. 8 Sold merchandise for $8,800 (that had cost $6,503) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee.
12 Sold merchandise for $8,600 (that had cost $5,573) and accepted the customer's Continental Card. Continental charges a 2.5% fee.
Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.)

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Tundexi

Answer:

Date               General Journal                Debit         Credit

Apr 8              Cash                                  $8,448

                       Credit card expenses      $352

                        (8,800 * 4%)

                              Sales                                             $8,800

                       (Sales  of merchandise, receipt of cash

                        and credit card charges recorded

Apr 8.              Cost of Goods sold            $6,503

                            Merchandise Inventory                   $6,503

                       (Cost of goods sold recorded)

Apr 12.             Cash                                     $8,385

                        Credit card expense           $215

                        (8,600 * 2.5%)

                               Sales                                               $8,600

                       (Sales  of merchandise, receipt of cash

                        and credit card charges recorded

Apr 12              Cost of goods sold               $5,573

                        Merchandise Inventory                         $5,573

                        (Cost of goods sold recorded)

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