On April 2, Jennifer Elston uses her JCPenney Company credit card to purchase merchandise from a JCPenney store for $1,100. On May 1, Elston is billed for the $1,100 amount due. Elston pays $800 on the balance due on May 3. Elston receives a bill dated June 1 for the amount due, including interest at 3.0% per month on the unpaid balance as of May 3. Prepare the entries on JCPenney Co.’s books related to the transactions that occurred on April 2, May 3, and June 1.
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On April 2, Jennifer Elston uses her JCPenney Company credit card to purchase merchandise from a JCP...
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