Course Hero Logo
Question
Answered

I have a list of problems it might take a while to do , so i will...

I have a list of problems it might take a while to do , so i will leave a tip for whoever decides to work on this

thank you

1 Attachment
1. Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 3.5% service charge for sales on its credit card and credits the bank account of Mayfair immediately when credit card receipts are deposited. Mayfair deposits the Zisa credit card receipts each business day. When customers use Access credit cards, Mayfair accumulates the receipts for several days before submitting them to Access for payment. Access deducts a 2.5% service charge and usually pays within one week of being billed. Mayfair completes the following transactions in June. (The terms of all credit sales are 2/15, n/30, and all sales are recorded at the gross price.) June 4 Sold $600 of merchandise (that had cost $240) on credit to Natara Morris. 5 Sold $9,200 of merchandise (that had cost $3,680) to customers who used their Zisa cards. 6 Sold $5,708 of merchandise (that had cost $2,283) to customers who used their Access cards. 8 Sold $4,600 of merchandise (that had cost $1,840) to customers who used their Access cards. 10 Submitted Access card receipts accumulated since June 6 to the credit card company for payment. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $518 balance in McKee’s account stemmed from a credit sale in October of last year. 17 Received the amount due from Access. 18 Received Morris’s check in full payment for the purchase of June 4. Required: Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (Round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) June 4 -Sold 600 of merchandise on credit to Natara June 4- Record cost of goods sold , 240 June 5- Sold $9,200 of merchandise to customers who used their Zisa cards. June 5- Record cost of goods sold, $3,680. June 6-Sold $5,708 of merchandise to customers who used their Access cards. June 6-Record cost of goods sold, $2,283 June 8- Sold $4,600 of merchandise to customers who used their Access cards. June 8- Record the cost of good sold 1840 June 10- Submitted Access card receipts accumulated since June 6 to the credit card company for payment. June 13- Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $518 balance in McKee’s account stemmed from a credit sale in October of last year. June 17- Received the amount die from Acess June 18- Received Morris's check in full payment for the purchase of June 4 2. At December 31, 2015, Hawke Company reports the following results for its calendar year.
Background image of page 1
8 pages
Answer & Explanation
Verified Solved by verified expert
Rated

sum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor

ctum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus,

Unlock full access to Course Hero

Explore over 16 million step-by-step answers from our library

Subscribe to view answer
1 Attachment
Chapter 7 Problems Accountin 211.pdf
pdf
Recently Asked Questions
Explore recently asked questions from the same subject