Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $1,000 (that had cost $650) and accepted the customer's Z-Mart store credit card May 31 Z-Mart recorded $4 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above credit card transactions of Z-Mart. View transaction list Journal entry worksheet 3 < 1 z-Mart sold merchandise for $1,000 and accepted the customer's Z-Mart store credit card Note: Enter debits before credits. Credit Date General Journal Debit Accounts receivable Apr 30 1,000 1,000 View transaction list Journal entry worksheet < 1 2 3 z-Mart recorded $4 of interest earned from its store credit card as of this month-end. Note: Enter debits before credits. Debit Date General Journal Credit Cost of goods sold May 31 4 Record entry Clear entry View general journal
Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $1,000 (that had cost $650) and accepted the customer's Z-Mart store credit card May 31 Z-Mart recorded $4 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above credit card transactions of Z-Mart. View transaction list Journal entry worksheet 3 < 1 z-Mart sold merchandise for $1,000 and accepted the customer's Z-Mart store credit card Note: Enter debits before credits. Credit Date General Journal Debit Accounts receivable Apr 30 1,000 1,000 View transaction list Journal entry worksheet < 1 2 3 z-Mart recorded $4 of interest earned from its store credit card as of this month-end. Note: Enter debits before credits. Debit Date General Journal Credit Cost of goods sold May 31 4 Record entry Clear entry View general journal
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...
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