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Mnenie [13.5K]
3 years ago
11

Mayfair Co. completed the following transactions and uses a perpetual inventory system in June.

Business
1 answer:
9966 [12]3 years ago
8 0

Answer:

Journal Entries

Explanation:

The Journal entry is shown below:-

June 4

Accounts receivable Dr,           $650

         To Sales                                    $550

(Being sale of merchandise on credit is recorded)

June 4

Cost of goods sold Dr,               $400

          To Merchandise inventory       $400

(Being cost of goods sold is recorded)

June 5

Cash Dr,                                    $6,693

Credit card expenses               $207

(6,900 × 3%)

          To Sales                                  $6,900

(Being sale of merchandise is recorded)

June 5

Cost of goods sold Dr,               $4,200

          To Merchandise inventory       $4,200

(Being cost of goods sold is recorded)

June 6

Accounts receivable - access Dr,  $5,733

Credit card expenses Dr,                $117

($5,850 × 2%)

                 To Sales                             $5,850

June 6

Cost of goods sold Dr,               $3,800

          To Merchandise inventory       $3,800

(Being cost of goods sold is recorded)

June 8

Accounts receivable - access Dr,  $4,263

Credit card expenses Dr,                $87

($4,350 × 2%)

                 To Sales                             $4,350

(Being sale of merchandise on credit is recorded)

June 8

Cost of goods sold Dr,               $2,900

          To Merchandise inventory       $2,900

(Being cost of goods sold is recorded)

June 13

Allowance for doubtful accounts Dr,  $429

           To Accounts receivable                $429

(Being written off amount is recorded)

June 18

Cash Dr,                                                $650

         To Accounts receivable                    $650

(Being payment for the purchase is recorded)

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