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Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).   Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge a 4% fee.

Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).   Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge a 4% fee.

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...
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Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).
 

  1. Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee.
  2. Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge a 4% fee.
Prepare Journal entries for the following credit card sales transactions (the company uses the perpetual Inventory system). 1. Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 1 2 Sold $38,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Transaction 1-a. 3 4 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal >
Transcribed Image Text:Prepare Journal entries for the following credit card sales transactions (the company uses the perpetual Inventory system). 1. Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 1 2 Sold $38,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Transaction 1-a. 3 4 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal >
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