Question

Levine Company uses the perpetual inventory system. Apr. 1.42 points 8 Sold merchandise for $4,100 (that had cost $3,030) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $9,600 (that had cost $6,221) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) eBook View transaction list Hint Journal entry worksheet Print 2 3 4 Sold merchandise for $4,100 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08 Record entry Clear entry View general journal

Answer 1

	Date	General journal					Debit	Credit
	Apr 8.	Cash			(4100-164)		3936
		Credit card expense			(4100*4%)		164
		Sales						4100
		(Sold merchandise)
		Cost of goods sold					3030
		Merchandise inventory						3030
		(Cost of goods sold recorded)
	Apr 12.	Accounts receivable			(9600-240)		9360
		Credit card expense			(9600*2.5%)		240
		Sales						9600
		(Sold merchandise)
		Cost of goods sold					6221
		Merchandise inventory						6221
		(Cost of goods sold recorded)