Levine Company uses the perpetual inventory system and allows customers to use two credit cards...
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Accounting
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 2.5% charge on sales for using its card.
Apr.
8
Sold merchandise for $3,500 (that had cost $2,587) and accepted the customer's Suntrust Bank Card.
12
Sold merchandise for $9,000 (that had cost $5,832) and accepted the customer's Continental Card.
Sold merchandise for $3,500 and accepted the customers Suntrust Bank Card.
2
Record the cost of goods sold, $2,587.
3
Sold merchandise for $9,000 and accepted the customers Continental Card.
4
Record the cost of goods sold, $5,832.
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