Levine company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. with the suntrust bank card, a 4% service charge for credit card sales is assessed. the second credit card that levine accepts is the continental card. continental assesses a 2.5% charge on sales for using its card. prepare journal entries to record the following selected credit card transactions of levine company. sold merchandise for $8, 400 (that had cost $6,000) and accepted the customer's suntrust bank card. the suntrust receipts are immediately deposited in levine's bank account. sold merchandise for $5, 600 (that had cost $3, 500) and accepted the customer's continental card. transferred $5, 600 of credit card receipts to continental, requesting payment. received continental's check for the april 12 billing, less the service charge.

Answer text is available please see the attachment  file for easy understanding

Sr.  Date            Levine Company                Debit            Credit

                     Journal    

1Not Given      Cash                                       $8,064  

              Credit Card Expense-Suntrust                $336  

                       Sales                                                            $8,400  

2Not GivenCost of Goods Sold                  $6,000  

                 Merchandise Inventory                                    $6,000  

3Not GivenAccounts Receivable-Continental  $5,460  

                 Credit Card expense                         $140  

                   Sales                                                            $5,600  

4Not GivenCost of goods Sold                        $3,500  

                 Merchandise Inventory                                     $3,500  

512-Apr         Cash                                                $5,460  

       Accounts Receivable-Continental                              $5,460  

both are integral parts of a corporate balance sheet. the cash flow statement, or statement of cash flows, measures the sources of a company's cash and its uses of cash over a specific time period. the income statement measures a company's financial performance, such as revenues, expenses, profits or losses over a specific time period (in fact, it's sometimes called a statement of financial performance).

a cash flow statement shows exactly how much money a company has received and how much it has spent, traditionally over a period of one month. it captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include noncash accounting items such as depreciation and amortization. the cash flow generally comes from revenue received as a result of business activity, but it may be augmented by funds available as a result of credit. a cash flow statement is used to determine the short-term viability and liquidity of a company, specifically how well it is positioned to pay its bills and vendors.

answer; synthetic production system;