Business, 30.03.2020 19:24 gabbymay85
Mayfair Co. completed the following transactions and uses a perpetual inventory system in June.
4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris.
5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards.
6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards.
8 Sold $4,350 of merchandise (that had cost $2,900) to customers who used their Access cards.
13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $429 balance in McKee’s account stemmed from a credit sale in October of last year.
18 Received Morris’s check in full payment for the purchase of June 4.
Prepare journal entries to record the preceding transactions and events.
Answers: 1
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Mayfair Co. completed the following transactions and uses a perpetual inventory system in June.
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