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 $2,900 (that had cost $1,600) 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.

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 $2,900 (that had cost $1,600) 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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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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
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 -Mart sold merchandise for \$1,001 (that had cost $650) and accepted the customer'a -store credit card. May 31 -Mart recorded $4 of interest earned from its store credit card ap of this month-end.
II. Lemon Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales are recorded at the gross price. Other customers can use a bank credit card where the bank deducts a 4% service charge for credit card sales and credits the bank account of Lemon immediately when credit card receipts are deposited. White uses the perpetual inventory method. June 4 Sold Php12,000 of merchandise (cost Php7,000) on credit to Grant Inc. Sold Php17,000 of merchandise (cost Php 9,350) to Libby Corp. who used a bank credit card, receipts were processed and deposited the same day. Sold Php8,500 of merchandise (cost Php 4,500) on credit to Emma Company. Accepted a Php 50,000, 45-day, 6% note dated this day in granting Cory Tam a time extension on his past-due account receivable. Received Grant's check in full payment of the purchase on June 4. Wrote off the account of Z. Westmore against the Allowance for Doubtful Accounts. The Php 1,580 balance stemmed…
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