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Prepare journal entries to record the preceding transactions

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Question - Mayfair Co. completed the following transactions and uses a perpetual inventory system.

June 4 Sold $700 of merchandise on credit (that had cost $350) to Natara Morris, terms n/15.

June 5 Sold $9,800 of merchandise (that had cost $4,900) to customers who used their Zisa cards. Zisa charges a 3.5% fee.

June 6 Sold $5,688 of merchandise (that had cost $2,844) to customers who used their Access cards. Access charges a 2.5% fee.

June 8 Sold $4,290 of merchandise (that had cost $2,145) to customers who used their Access cards. Access charges a 2.5% fee.

June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $353 balance in McKee's account was from a credit sale last year.

June 18 Received Morris's check in full payment for the June 4 purchase.

Required - Prepare journal entries to record the preceding transactions and events.

Reference no: EM133091578

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