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.
March 11 Sold merchandise for $4,500 (that had cost $2,100) and accepted the customer's Discovery card.

Question

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.
March 11 Sold merchandise for $4,500 (that had cost $2,100) and accepted the customer's Discovery card.

Mercks Uses the Perpetual Inventory System, and Accepts the Discovery