Exercise 7-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any balance on its store credit card...

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Extracted text: Exercise 7-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $2,800 (that had cost $1,550) and accepted the customer's Z-Mart store credit car May 31 Z-Mart recorded $3 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above credit card transactions of Z-Mart. Answer is not complete. No Date General Journal Debit Credit Apr 30 Accounts receivable 2,800 2 Apr 30 Cost of goods sold 1,550 Merchandise inventory 1,550 3 May 31 Accounts receivable Interest revenue Prev 1 of 5 .. ... Next