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.
Apr. 8 Sold merchandise for $6,000 (that had cost $4,434) and accepted the customer's Suntrust Bank Card.
12 Sold merchandise for $7,200 (that had cost $4,666) and accepted the customer's Continental Card.
20 Received Continental's check for the April 12 billing, less the service charge.
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