Question

Sales-Related Transactions, Including the use of Credit Cards 

Journalize the entries for the following transactions: 

a. Sold merchandise for cash, $25,730. The cost of the goods sold was $15,440. (Record the sale first.) 

b. Sold merchandise on account, $14,050. The cost of the goods sold was $8,430. (Record the sale first.)

c. Sold merchandise to customers who used MasterCard and VISA, $115,570. The cost of the goods sold was $69,340.(Record the sale first.) 

d. Sold merchandise to customers who used American Express, $53,560. The cost of the goods sold was $32,140. (Record the sale first.) 

e. Received and paid an invoice from National Clearing House Credit Co. for $7,980, representing a service fee paid for processing MasterCard, VISA, and American Express sales. 

Answer 1