Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 9.00

perpetual inventory system

Petri Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Omni Bank Card, Petri receives an immediate credit to its account when it deposits sales receipts. Omni assesses a 4% service charge for credit card sales. The second credit card that Petri accepts is the Continental Card. Petri sends its accumulated receipts to Continental on a weekly basis and is paid by Continental about a week later. Continental assesses a 2.5% charge on sales for using its card. Prepare journal entries to record the following selected credit card transactions of Petri Company.

Apr. 8 Sold merchandise for $9,200 (that had cost $6,800) and accepted the customer’s Omni Bank

Card. The Omni receipts are immediately deposited in Petri’s bank account.

12 Sold merchandise for $5,400 (that had cost $3,500) and accepted the customer’s Continental Card. Transferred $5,400 of credit card receipts to Continental, requesting payment.

20 Received Continental’s check for the April 12 billing, less the service charge.

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Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 11:07 PM My Price 9.00

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