Journalize the Following Transactions for the Evans Company

question 229

Essay

Journalize the following transactions for the Evans Company. Assume the company uses a perpetual inventory system.
a) Sold merchandise for $645. The cost of merchandise sold was $375.
b) Sold merchandise for $432 and accepted VISA as the form of payment. The cost of merchandise sold was $195.
c) Sold merchandise on account for $670. The cost of merchandise sold was $438.
d) Paid credit card fees for the month of $85.

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Definitions:

Family Business Feud

What occurs when family members have major disagreements over how the business should be run.

Work Responsibilities

The duties and tasks assigned to an employee as part of their job role.

Business Strategy

A plan of action designed to achieve a long-term or overall aim within the business sector, considering internal and external factors.

Succession Problem

The issue of who will run a business when the current head leaves.