Homework Help is Here – Start Your Trial Now!
Business
Accounting
Journalize the entries for the following transactions: a. Sold merchandise for cash, 25400.  The cost of the merchandise was 15240. (Record the sale first.) b. Sold merchandise on account, 10610.  The cost of merchandise sold was 6370. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and Visa, $117,060. The cost of the merchandise sold was $70,240. (Record the sale first.) d.  Sold merchandise to customers who used American Express, $40,890. The cost of the merchandise sold was $24,530. (Record the sale first.) e. Paid $7,870 to National Clearing House Credit Co. for service fees for processing Mastercard, Visa, and American Express sales.

Journalize the entries for the following transactions: a. Sold merchandise for cash, 25400.  The cost of the merchandise was 15240. (Record the sale first.) b. Sold merchandise on account, 10610.  The cost of merchandise sold was 6370. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and Visa, $117,060. The cost of the merchandise sold was $70,240. (Record the sale first.) d.  Sold merchandise to customers who used American Express, $40,890. The cost of the merchandise sold was $24,530. (Record the sale first.) e. Paid $7,870 to National Clearing House Credit Co. for service fees for processing Mastercard, Visa, and American Express sales.

College Accounting, Chapters 1-27
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...
See similar textbooks
icon
Related questions
Topic Video
Question

Journalize the entries for the following transactions:

a. Sold merchandise for cash, 25400.  The cost of the merchandise was 15240. (Record the sale first.)

b. Sold merchandise on account, 10610.  The cost of merchandise sold was 6370. (Record the sale first.)

c. Sold merchandise to customers who used MasterCard and Visa, $117,060. The cost of the merchandise sold was $70,240. (Record the sale first.)

d.  Sold merchandise to customers who used American Express, $40,890. The cost of the merchandise sold was $24,530. (Record the sale first.)

e. Paid $7,870 to National Clearing House Credit Co. for service fees for processing Mastercard, Visa, and American Express sales.

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS