Saved Help Sav Exercise 7-3 Sales on store credit card LO C1 Z-Mart uses the per

Question

Saved Help Sav Exercise 7-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and allows customers to use the Z-Mart store credit card in charging purchases. Z-Mart assesses a per-month interest fee for any unpaid balance on its store credit card at each month-end Apr. 30 2-Hart sold nerchandise for s1,500 (that had cost $900) and accepted the customer's 1-Hart store eredit card. May 31 2-Mart recorded $3 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above selected credit card transactions of Z-Mart. View transaction list Journal entry worksheet Z-Mart sold merchandise for $1,500 and accepted the customer's Z-Mart store credit card. Note: Enter debits before credits. General Journal DebitCredit Apr 30 Prev 1 of 1 Next

Explanation / Answer

Date General Journal Debit Credit Apr 30 Credit Card Receivables $        1,500 Sales $        1,500 (To Record sales of Credit card) Apr 30 Cost of goods sold $           900 Merchandising Inventory $           900 (To record cost of goods sold) May 31 Interest Receivable $                3 Interest Revenue $                3 (To record interest earned on credit card balance)

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