Question

Exercise 9-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and allows customers to use the Z-Mart store credit card in charging purchases. Z-Ma assesses a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $2,700 (that had cost $1,500) and accepted the customer's Z-Mart store credit card. May 31 Z-Mart recorded 59 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above selected credit card transactions of Z-Mart. View transaction list Journal entry worksheet 2 3 z Mart sold merchandise for $2,700 and accepted the customer's Z.Mart store credit card. Note: Enter debits before credits General Journal Debit Credit Date Apr 30 Record entry Clear entry View general journal

Answer 1

Date	General Journal	Debit	Credit
Apr. 30	Accounts Receivable	$2,700
	Sales		$2,700

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Date	General Journal	Debit	Credit
Apr. 30	Cost of Goods Sold	$1,500
	Merchandise Inventory		$1,500

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Date	General Journal	Debit	Credit
May 31	Accounts Receivable	$9
	Interest revenue		$9