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Prepare entry on avalons books related to the transaction

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Reference no: EM13962794

Presented below are two independent situations.

(a) On April 2, Julie Keiser uses her JCPenney Company credit card to purchase merchandise from a JCPenney store for $1,500. On May 1, Keiser is billed for the $1,500 amount due. Keiser pays $900 on the balance due on May 3. On June 1, Keiser receives a bill for the amount due, including interest at 1% per month on the unpaid balance as of May 3. Prepare the entries on JCPenney Co.'s books related to the transactions that occurred on April 2, May 3, and June 1.

(b) On July 4, Avalon Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 3% service fee. Prepare the entry on Avalon's books related to this transaction.

Reference no: EM13962794

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