Using the perpetual inventory system, journalize the entries for the following selected transactions:(a) Sold merchandise on account, for $12,000, terms n/30. The cost of the merchandise sold was $6,500.(b) Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300.(c) Sold merchandise to customers who used American Express, $2,900. The cost of the merchandise sold was $1,700.(d) Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales.(e) Paid a $75 processing fee associated with sales made to customers who used American Express.

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Description: Using the perpetual inventory system, journalize the entries for the following selected transactions:(a) Sold merchandise on account, for $12,000, terms n/30. The cost of the merchandise sold was $6,500.(b) Sold merchandise to customers who used Mast

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Answered: Using the perpetual inventory system,…

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 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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Using the perpetual inventory system, journalize the entries for the following selected transactions:

(a)		Sold merchandise on account, for $12,000, terms n/30. The cost of the merchandise sold was $6,500.
(b)		Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300.
(c)		Sold merchandise to customers who used American Express, $2,900. The cost of the merchandise sold was $1,700.
(d)		Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales.
(e)		Paid a $75 processing fee associated with sales made to customers who used American Express.

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