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