Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $9,800 (that had cost $7,242) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $8,800 (that had cost $5,702) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) Sold merchandise for $9,800 and accepted the customer’s Suntrust Bank Card. Suntrust charges a 4% fee.Note: Enter debits before credits. DateGeneral JournalDebitCreditApr 08

Name: Levine Company uses the perpetual inventory system. Apr. 8 Sold mercha
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Description: Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $9,800 (that had cost $7,242) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $8,800 (that had cost $5,702) and accept

1. Journal Entries - Journal Entries are records of the company transactions. It is recorded in the…

Answered: Levine Company uses the perpetual…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Levine Company uses the perpetual inventory system.

Apr.		8		Sold merchandise for $9,800 (that had cost $7,242) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee.
		12		Sold merchandise for $8,800 (that had cost $5,702) and accepted the customer's Continental Card. Continental charges a 2.5% fee.

Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.)

Sold merchandise for $9,800 and accepted the customer’s Suntrust Bank Card. Suntrust charges a 4% fee.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Apr 08

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