1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $34,000 of merchandise, which cost $26,200, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $6,400 of merchandise, which cost $3,700, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list 1 Sold $34,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. ard 2 Record the cost of the sale, $26,200. 3 Sold $6,400 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. 4 Record the cost of the sale, $3,700. Credit
1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $34,000 of merchandise, which cost $26,200, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $6,400 of merchandise, which cost $3,700, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list 1 Sold $34,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. ard 2 Record the cost of the sale, $26,200. 3 Sold $6,400 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. 4 Record the cost of the sale, $3,700. Credit
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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