Business, 30.03.2021 01:30, jazprincezz5373

The following are two independent situations. (a) On April 2, Maria Elston uses her JCPenney credit card to purchase merchandise from a JCPenney store for $1,600. On May 1, Elston is billed for the $1,600 amount due. Elston pays $500 on the balance due on May 3. Elston receives a bill dated June 1 for the amount due, including interest at 1% 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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The following are two independent situations. (a) On April 2, Maria Elston uses her JCPenney credit...