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Question - Accounting for credit card sales
Levine Company uses the perpetual inventory system.
Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee.
Apr. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental charges a 2.5% fee.
Prepare journal entries to record the above credit card transactions of Levine Company.
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