Mercks uses the perpetual inventory system,and accepts the Discovery credit card for credit card sales.Discovery charges Mercks a 3% fee,and all credit card receipts deposited are credited to the company account on the day of deposit.Prepare journal entries to record the following transaction.
$$\begin{array} { | l | l| }
\hline\text { March } 11 & \begin{array} { l }
\text { Sold merchandise for } \$ 4,500 \text { (that had cost } \$ 2,100 ) \text { and accepted the } \
\text { customer's Discovery card. }
\end{array}\
\hline
\end{array}$$

Question

Mercks uses the perpetual inventory system,and accepts the Discovery credit card for credit card sales.Discovery charges Mercks a 3% fee,and all credit card receipts deposited are credited to the company account on the day of deposit.Prepare journal entries to record the following transaction.
 $$\begin{array} { | l | l| } 
\hline\text { March } 11 & \begin{array} { l } 
\text { Sold merchandise for } \$ 4,500 \text { (that had cost } \$ 2,100 ) \text { and accepted the } \
\text { customer's Discovery card. }
\end{array}\
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Mercks uses the perpetual inventory system,and accepts the Discovery credit card for credit card sales.Discovery charges Mercks a 3% fee,and all credit card receipts deposited are credited to the company account on the day of deposit.Prepare journal entries to record the following transaction.
 $$\begin{array} { | l | l| } 
\hline\text { March } 11 & \begin{array} { l } 
\text { Sold merchandise for } \$ 4,500 \text { (that had cost } \$ 2,100 ) \text { and accepted the } \
\text { customer's Discovery card. }
\end{array}\
\hline
\end{array}$$

Mercks Uses the Perpetual Inventory System,and Accepts the Discovery Credit