Help Exercise 72 Accounting for credit card sales LO C1 Levi

Help Exercise 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the ntrust 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 2.5% charge on sales for using its card. Apr. 8 Sold merchandise for $6,000 (that had cost $4,434) and accepted the customer\'s Suntrust Bank Card. 12 Sold merchandise for $4,400 (that had cost $2,851) and accepted the customer\'s continental Card. ok Prepare journal entries to record the above selected credit card transactions of Levine Company, (Round your answers to the nearest whole dollar amount.) int View transaction list sk Journal entry worksheet rint 2 Sold merchandise for $6,000 and accepted the customer\'s Suntrust Bank Card erences Note: Enter debits before credits General Journal Apr 08

Solution

Date General Journal Debit Credit 8-Apr Cash 5,760 Credit card expense 240 sales 6,000 8-Apr Cost of goods sold 4,434 merchandise inventory 4,434 12-Apr Cash 4,290 Credit card expense 110 Sales 4,400 12-Apr cost of goods sold 2,851 Merchandise inventory 2,851