Mercks Uses the Perpetual Inventory System,and Accepts the Discovery Credit

question 10

Essay

Mercks uses the perpetual inventory system,and accepts the Discovery credit card for credit card sales.Discovery charges Mercks a 3% fee,and all credit card receipts deposited are credited to the company account on the day of deposit.Prepare journal entries to record the following transaction.
$$\begin{array} { | l | l| } \hline\text { March } 11 & \begin{array} { l } \text { Sold merchandise for } \$ 4,500 \text { (that had cost } \$ 2,100 ) \text { and accepted the } \\\text { customer's Discovery card. }\end{array}\\\hline\end{array}$$

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Definitions:

OD Interventions

Actions and processes applied in organizational development to improve an organization's effectiveness through planned change.

OD

Organizational Development, a field focused on interventions in the work processes and structures of an organization with the aim of improving its effectiveness and health.

Supervisors

Individuals in an organization responsible for overseeing the work of others and ensuring tasks are completed effectively.

Interpersonal Processes

The dynamic ways in which individuals interact and communicate with each other.