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Prepare journal entries to record credit card transactions

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Reference no: EM133178693

Question - Accounting for credit card sales - Levine Company uses the perpetual inventory system.

Apr. 8 Sold merchandise for $5,300 (that had cost $3,917) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee.

Apr. 12 Sold merchandise for $4, 200 (that had cost $2, 722) and accepted the customer's Continental Card. Continental charges a 2.5% fee.

Required - Prepare journal entries to record the above credit card transactions of Levine Company.

Reference no: EM133178693

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