Business, 01.11.2019 06:31 goofy44

Levine company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. with the suntrust bank card, a 4% service charge for credit card sales is assessed. the second credit card that levine accepts is the continental card. continental assesses a 2.5% charge on sales for using its card. prepare journal entries to record the following selected credit card transactions of levine company. sold merchandise for $8, 400 (that had cost $6,000) and accepted the customer's suntrust bank card. the suntrust receipts are immediately deposited in levine's bank account. sold merchandise for $5, 600 (that had cost $3, 500) and accepted the customer's continental card. transferred $5, 600 of credit card receipts to continental, requesting payment. received continental's check for the april 12 billing, less the service charge.

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Answer from: gsbsjshzn

Answer text is available please see the attachment file for easy understanding

Sr. Date Levine Company Debit Credit

Journal

1Not Given Cash $8,064

Credit Card Expense-Suntrust $336

Sales $8,400

2Not GivenCost of Goods Sold $6,000

Merchandise Inventory $6,000

3Not GivenAccounts Receivable-Continental $5,460

Credit Card expense $140

Sales $5,600

4Not GivenCost of goods Sold $3,500

Merchandise Inventory $3,500

512-Apr Cash $5,460

Accounts Receivable-Continental $5,460

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Levine company uses the perpetual inventory system and allows customers to use two credit cards in c...