Apr. 8 Sold merchandise for $6,600 (that had cost $4,877) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $6,600 (that had cost $4,277) and accepted the customer's Continental Card. Prepare journal entries to record the above selected credit card transactions of Levine Company.

Question

Business

Nathan Jordan

11 June, 01:08

Apr. 8 Sold merchandise for $6,600 (that had cost $4,877) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $6,600 (that had cost $4,277) and accepted the customer's Continental Card. Prepare journal entries to record the above selected credit card transactions of Levine Company.

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Schultz · Answer 1

Account Receivables - Suntruck bank card 6,600 debit

Sales Revenue 6,600 credit

-to record sale on credit card--

Account Receivables - Continental card 6,000 debit

Sales Revenue 6,000 credit

--to record sale on credit card--

Explanation:

We will recognize our sales revenue for the entire amount

adn debit the credit card accout.

Then, when the acconts are collected we will declare the fees expense, if there is any. Currently we aren't given with any fee so we post the entire amount under account receivable.