Mayfair Co allows select customers to make purchases on cred

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 5.5% service charge for sales on its credit card. Access deducts a 45% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $700 of merchandise on credit (that had cost $280) to Natara Morris. s Sold $8,600 of merchandise (that had cost $3,440) to customers who used their Zisa cards. 6 Sold $5,998 of merchandise (that had cost $2,399) to customers who used their Access cards. 8 Sold $4,648 of merchandise (that had cost $1,856) to customers who used their Access cards. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $360 balance in Mckee\'s account stemmed from a credit sale in October of last year 18 Received Morris\'s 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 na entry is required for a trensaction/event, select \"No journal entry required\" in the first account field) View transaction list Journal entry worksheet 10 Sold $700 of merchandise on credit to Natara Morris. 1 of 4 l Next> ?? o search

Solution

Solution for First Question:-

As per Chegg policy only first question can be solved

Journal Entry
Date	Description	Debit	Credit
Jun-04	Account receivable – N Morris	$700
	Sales		$700
	To Record Sales
	Cost of goods sold	$280
	Merchandise inventory		$280
	To Record Cost of Goods Sold
Jun-05	Cash	$8,127.00
	Credit card expense ($8600X 5.5%)	$473.00
	Sales		$8,600
	To Record sale made through ZISA Card
	Cost of goods sold	$3,440
	Merchandise inventory		$3,440
	To Record Cost of Goods Sold
Jun-06	Account receivable - Access	$5,728.09
	Credit card expense ($5998X4.5%)	269.91
	Sales		$5,998
	To Record sale made through Access Card
	Cost of goods sold	2,399
	To Merchandise inventory		$2,399
	To Record Cost of Goods Sold
Jun-08	Account receivable - Access	$4,611.60
	Credit card expense ($4640X4.5%)	208.8
	To Sales		$4,640
	To Record sale made through Access Card
	Cost of goods sold	$1,856
	To Merchandise inventory		$1,856
	To Record Cost of Goods Sold
Jun-13	Allowance for doubtful accounts	$360
	To Account receivable		$360
Jun-18	Cash	$700
	Account receivable		$700
	To Record Cash Received from Customer