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.
$$\begin{array} { | l | l| } \hline\text { March } 11 & \begin{array} { l } \text { Sold merchandise for } \$ 4,500 \text { (that had cost } \$ 2,100 ) \text { and accepted the } \\\text { customer's Discovery card. }\end{array}\\\hline\end{array}$$

---

Definitions:

Bizarre Somatic Delusions

False beliefs about the body that are unrealistic and often grotesque or absurd.

Spousal Abuse

The act of causing physical, emotional, sexual, or financial harm to one's partner within the context of a marital or intimate relationship.

Paranoid Delusions

False beliefs of persecution or conspiracy that are not grounded in reality, often observed in certain psychotic disorders.

Violent Behavior

Actions that involve physical force intended to hurt, damage, or kill someone or something, often stemming from various psychological or social factors.