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CSecure https://newconnect.mheducation.com/flow/connect.htm Chapter 9-Homework 6

ID: 2578234 • Letter: C

Question

CSecure https://newconnect.mheducation.com/flow/connect.htm Chapter 9-Homework 6 Help Save 3 Exercise 9-2 Accounting for credit card sales LO c1 Levine Company uses the perpetual inventory system and allows customers to use two Suntrust Bank Card, a 4% service charge for credit card sales is assessed The second credit card that credit cards in charging purchases. With the points evine accepts is the Continental Card. Continental assesses a 2 5% charge on sales for using its card. Apr. 8 sold merchandise for $7,900 (that had cost $5,83) and accepted the custone's Suntrust tank Card. Prepare journal entries to record th above selected credit card transactions of Levine Company (Round your answers to the nearest 12 Sold merchandise for $6,400 (thst had cost s4,147) and accepted the customer's Continental Card. whole doller amount.) Hint View transaction list Print Journal entry worksheet Sold merchandise for $7,900 and accepted the customer's Suntrust Bank Card ote: Enter debits before credts Date General Journal DebitCredit

Explanation / Answer

Journal

Date Account Name Debit Credit Apr 8 Cash 7584 Credit card expense 316 Sales revenue 7900 Apr 8 Cost of goods sold 5838 Merchandise inventory 5838 Apr 12 Cash 6240 Credit card expense 160 Sales revenue 6400 Apr 12 Cost of goods sold 4147 Merchandise inventory 4147