Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. )A.Sold merchandise for cash, $33,900. The cost of the goods sold was $18,306.B.Sold merchandise on account, $262,400. The cost of the merchandise sold was $141,696.C.Sold merchandise to customers who used MasterCard and VISA, $169,100. The cost of the merchandise sold was $91,314.D.Sold merchandise to customers who used American Express, $72,500. The cost of the merchandise sold was $39,150.E.Received an invoice from National Clearing House Credit Co. for $8,570, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

The clearinghouse seems to be a recognized middleman in a financial system between sellers and…

Answered: Journalize the entries for the…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 4CE: Enter the following transactions in a cash payments journal like the one illustrated in the chapter:...

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Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. )

A.	Sold merchandise for cash, $33,900. The cost of the goods sold was $18,306.
B.	Sold merchandise on account, $262,400. The cost of the merchandise sold was $141,696.
C.	Sold merchandise to customers who used MasterCard and VISA, $169,100. The cost of the merchandise sold was $91,314.
D.	Sold merchandise to customers who used American Express, $72,500. The cost of the merchandise sold was $39,150.
E.	Received an invoice from National Clearing House Credit Co. for $8,570, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

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