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Journalize the entries for the following transactions: Sold merchandise for cash, $18,500. The cost of the merchandise sold was $11,000. Sold merchandise on account, $12,000. The cost of the merchandise sold was $7,200. Sold merchandise to customers who used MasterCard and VISA, $115,200. The cost of the merchandise sold was $70,000. Sold merchandise to customers who used American Express, $45,000. The cost of the merchandise sold was $27,000. Received an invoice from National Credit Co. for $5,600, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

Journalize the entries for the following transactions: Sold merchandise for cash, $18,500. The cost of the merchandise sold was $11,000. Sold merchandise on account, $12,000. The cost of the merchandise sold was $7,200. Sold merchandise to customers who used MasterCard and VISA, $115,200. The cost of the merchandise sold was $70,000. Sold merchandise to customers who used American Express, $45,000. The cost of the merchandise sold was $27,000. Received an invoice from National Credit Co. for $5,600, representing a service fee paid 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...
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  1. Journalize the entries for the following transactions:
  2. Sold merchandise for cash, $18,500. The cost of the merchandise sold was $11,000.
  3. Sold merchandise on account, $12,000. The cost of the merchandise sold was $7,200.
  4. Sold merchandise to customers who used MasterCard and VISA, $115,200. The cost of the merchandise sold was $70,000.
  5. Sold merchandise to customers who used American Express, $45,000. The cost of the merchandise sold was $27,000.
  6. Received an invoice from National Credit Co. for $5,600, representing a service fee paid for processing MasterCard, VISA, and American Express sales.
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