Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,100 of merchandise on credit (that had cost $700) to Natara Morris, terms n/15. June 5 Sold $12,000 of merchandise (that had cost $7,200) to customers who used their Zisa cards. Zisa charges a 3% fee. June 6 Sold $8,000 of merchandise (that had cost $4,800) to customers who used their Access cards. Access charges a 2% fee. June 8 Sold $7,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 1% fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $840 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Sold $1,100 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date June 04 General Journal Debit Credit

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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Mayfair Company completed the following transactions and uses a perpetual inventory system.
June 4 Sold $1,100 of merchandise on credit (that had cost $700) to Natara Morris, terms n/15.
June 5 Sold $12,000 of merchandise (that had cost $7,200) to customers who used their Zisa cards. Zisa charges a 3%
fee.
June 6 Sold $8,000 of merchandise (that had cost $4,800) to customers who used their Access cards. Access charges a 2%
fee.
June 8 Sold $7,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 1%
fee.
June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $840 balance in McKee's
account was from a credit sale last year.
June 18 Received Morris's check in full payment for the June 4 purchase.
Required:
Prepare journal entries to record the preceding transactions and events.
View transaction list
Journal entry worksheet
1
2
3
4
5
6
7
8
9
10
>
Sold $1,100 of merchandise on credit to Natara Morris, terms n/15.
Note: Enter debits before credits.
Date
June 04
General Journal
Debit
Credit
Transcribed Image Text:Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,100 of merchandise on credit (that had cost $700) to Natara Morris, terms n/15. June 5 Sold $12,000 of merchandise (that had cost $7,200) to customers who used their Zisa cards. Zisa charges a 3% fee. June 6 Sold $8,000 of merchandise (that had cost $4,800) to customers who used their Access cards. Access charges a 2% fee. June 8 Sold $7,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 1% fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $840 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Sold $1,100 of merchandise on credit to Natara Morris, terms n/15. Note: Enter debits before credits. Date June 04 General Journal Debit Credit
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