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andre [41]
3 years ago
11

Z-Mart uses the perpetual inventory system and allows customers to use the Z-Mart store credit card in charging purchases. Z-Mar

t assesses a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $1,000 (that had cost $650) and accepted the customer’s Z-Mart store credit card. May 31 Z-Mart recorded $4 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above selected credit card transactions of Z-Mart.
Business
1 answer:
Nataly_w [17]3 years ago
7 0

Answer:

Following are the journal entries

Explanation:

Z-mart uses perpetual inventory system. To enter the selected credit card transactions, the journal entries are;

No Date General Journal       Debit                    Credit

1 Apr 30 Accounts receivable 1000  

                  Sales                                        1000

   

2 Apr 30     Cost of goods sold    650  

              Merchandise inventory                 650

   

3 May 31       Accounts receivable 4  

                Interest revenue                           4

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Another way to protect the domestic economy. In this scenario, a country allows the import of a certain good only up to an extent for a period which is usually a year. For instance, the United States in this scenario could say that in 2020 only 500 megatons of Aluminum are allowed into the country from China. After that, no more is allowed until 2021.

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