Journalize the entries for the following transactions:a. Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000.b. Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000.c. Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cost of the merchandise sold was $1,250,000.d. Sold merchandise to customers who used American Express, $330,000. The cost of the merchandise sold was $230,000.e. Paid $81,500 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, $116,300. The cost of the merchandise sold was $72,000.b. Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000.c. Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cost of the merchandise sold was $1,250,000.d. Sold merchandise to customers who used American Express, $330,000. The cost of the merchandise sold was $230,000.e. Paid $81,500 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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a. Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000.
b. Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000.
c. Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cost of the merchandise sold was $1,250,000.
d. Sold merchandise to customers who used American Express, $330,000. The cost of the merchandise sold was $230,000.
e. Paid $81,500 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales.
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