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. prepare journal entries to record the following selected credit card transactions of levine company. sold merchandise for $8, 400 (that had cost $6,000) and accepted the customer's suntrust bank card. the suntrust receipts are immediately deposited in levine's bank account. sold merchandise for $5, 600 (that had cost $3, 500) and accepted the customer's continental card. transferred $5, 600 of credit card receipts to continental, requesting payment. received continental's check for the april 12 billing, less the service charge.

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Sr.  Date            Levine Company                Debit            Credit

                     Journal    

1Not Given      Cash                                       $8,064  

              Credit Card Expense-Suntrust                $336  

                       Sales                                                            $8,400  

2Not GivenCost of Goods Sold                  $6,000  

                 Merchandise Inventory                                    $6,000  

3Not GivenAccounts Receivable-Continental  $5,460  

                 Credit Card expense                         $140  

                   Sales                                                            $5,600  

4Not GivenCost of goods Sold                        $3,500  

                 Merchandise Inventory                                     $3,500  

512-Apr         Cash                                                $5,460  

       Accounts Receivable-Continental                              $5,460  

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