Presented below are two independent situations.
- On April 2, Jennifer Eiston uses her JCPenney Company credit card to purchase merchandise from a JCPenney store for $1,500. On May 1, Elston is is billed for the $1,500 amount due. Eiston pays $500 on the balance due on May 3. Eiston received a bill dated June 1 for the amount due, including interest at 1.0% per month on the unpaid balance as of May3. Prepare the entries on JCPenney Co.'s books related to the transactions that occurred on April 2, May 3, and June 1.
- on July 4, Spangler's Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 2% service fee. Prepare the entry on Spangler's books related to this transactions.