Reference no: EM133091578
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.