Homework Answers
| No | Date | Account Titles | Debit | Credit |
| 1 | June 04 | Accounts receivable - N Morris | 500 | |
| Sales | 500 | |||
| 2 | June 04 | Cost of goods sold | 200 | |
| Merchandise Inventory | 200 | |||
| 3 | June 05 | Cash | 9167 | |
| Credit card expense [9700*5.5%] | 534 | |||
| Sales | 9700 | |||
| 4 | June 05 | Cost of goods sold | 3880 | |
| Merchandise inventory | 3880 | |||
| 5 | June 06 | Cash | 5719 | |
| Credit card expense [5988*4.5%] | 269 | |||
| Sales | 5988 | |||
| 6 | June 06 | Cost of goods sold | 2395 | |
| Merchandise inventory | 2395 | |||
| 7 | June 08 | Cash | 4393 | |
| Credit card expense [4600*4.5%] | 207 | |||
| Sales | 4600 | |||
| 8 | June 08 | Cost of goods sold | 1840 | |
| Merchandise inventory | 1840 | |||
| 9 | June 13 | Allowance for doubtful debts | 715 | |
| Accounts receivable - A Mckee | 715 | |||
| 10 | June 18 | Cash | 500 | |
| Accounts receivable - N Morris | 500 |
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Mayfair Co. allows select customers to make purchases on credit. Its other customers can use elther...
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either...
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 5.0% service charge for sales on its credit
card. Access deducts a 4.0% service charge for sales on its card.
Mayfair completes the following transactions in June.
June
4
Sold $600 of merchandise on credit (that had cost $240) to
Natara Morris.
5
Sold $8,600 of merchandise (that had cost $3,440) to customers
who...
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either...
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zsa or Access. Zisa deducts a 3% service charge for sales on its credit card and credits the bank account of Mayfair immediately when credit card receipts are deposited. Mayfair deposits the Zisa credit card receipts each business day. When customers use Access credit cards, Mayfair accumulates the receipts for several days before submitting them to Access for payment. Access...
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either...
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 2.5% service charge for sales on its credit card. Access deducts a 1.5% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $600 of merchandise on credit (that had cost $300) to Natara Morris. 5 Sold $8,000 of merchandise (that had cost $4,000) to customers who...
Chapter 7 Problems i Saved Mayfair Co. completed the following transactions and uses a perpetual inventory...
Chapter 7 Problems i Saved Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 2.5 points 4 Sold $800 of merchandise on credit (that had cost $400) to Natara Morris, terms n/15. 5 Sold $6,600 of merchandise (that had cost $3,300) to customers who used their Zisa cards. Zisa charges a 4.0% fee. 6 Sold $6,014 of merchandise (that had cost $3,007) to cus o used their Access cards. Access charges a 3.0% fee. 8 Sold...
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $600...
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $600 of merchandise on credit (that had cost $240) to Natara Morris, terms n/15. 5 Sold $9,400 of merchandise (that had cost $3,760) to customers who used their Zisa cards. Zisa charges a 3.5% fee. 6 Sold $5,764 of merchandise (that had cost $2,306) to customers who used their Access cards. Access charges a 2.5% fee. 8 Sold $4,990 of merchandise (that had cost $1,996)...
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $650...
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n/15. 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. 6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards. Access charges a 2% fee. 8 Sold $4,350 of merchandise (that had cost $2,900)...
Archer Co. allows select customers to make purchases on credit. Its other customers can use either...
Archer Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Commerce Bank or Aztec. Commerce Bank deducts a 3% service charge for sales on its credit card and immediately credits the bank account of Archer when credit card receipts are deposited. Archer deposits the Commerce Bank credit card receipts each business day. When customers use the Aztec card, Archer accumulates the receipts for several days and then submits them to...
Question 3 (30%) White Company allows customers to make purchases on credit. The terms of all...
Question 3 (30%) White Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales are recorded at the gross price. Other customers can use a bank credit card where the bank deducts a 4% service charge for credit card sales and credits the bank account of White immediately when credit card receipts are deposited. White uses the perpetual inventory method. Prepare journal entries to record the following selected transactions and...
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in...
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 25% charge on sales for using its card. Apr. 8 Sold merchandise for $7,500 (that had cost $5,543) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $4,600 (that had cost...
White Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales...
White Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales are recorded at the gross price. Other customers can use a bank credit card where the bank deducts a 4% service charge for credit card sales and credits the bank account of White immediately when credit card receipts are deposited. White uses the perpetual inventory method. Prepare journal entries to record the following selected transactions and events. June 10...
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 5.0% service charge for sales on its credit
card. Access deducts a 4.0% service charge for sales on its card.
Mayfair completes the following transactions in June.
June
4
Sold $600 of merchandise on credit (that had cost $240) to
Natara Morris.
5
Sold $8,600 of merchandise (that had cost $3,440) to customers
who...
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zsa or Access. Zisa deducts a 3% service charge for sales on its credit card and credits the bank account of Mayfair immediately when credit card receipts are deposited. Mayfair deposits the Zisa credit card receipts each business day. When customers use Access credit cards, Mayfair accumulates the receipts for several days before submitting them to Access for payment. Access...
Chapter 7 Problems i Saved Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 2.5 points 4 Sold $800 of merchandise on credit (that had cost $400) to Natara Morris, terms n/15. 5 Sold $6,600 of merchandise (that had cost $3,300) to customers who used their Zisa cards. Zisa charges a 4.0% fee. 6 Sold $6,014 of merchandise (that had cost $3,007) to cus o used their Access cards. Access charges a 3.0% fee. 8 Sold...
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n/15. 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. 6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards. Access charges a 2% fee. 8 Sold $4,350 of merchandise (that had cost $2,900)...
Archer Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Commerce Bank or Aztec. Commerce Bank deducts a 3% service charge for sales on its credit card and immediately credits the bank account of Archer when credit card receipts are deposited. Archer deposits the Commerce Bank credit card receipts each business day. When customers use the Aztec card, Archer accumulates the receipts for several days and then submits them to...
Question 3 (30%) White Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales are recorded at the gross price. Other customers can use a bank credit card where the bank deducts a 4% service charge for credit card sales and credits the bank account of White immediately when credit card receipts are deposited. White uses the perpetual inventory method. Prepare journal entries to record the following selected transactions and...
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 25% charge on sales for using its card. Apr. 8 Sold merchandise for $7,500 (that had cost $5,543) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $4,600 (that had cost...
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