Question

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OBJ.2 EX 5-8 Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $30,000. The cost of the merchandise sold was $18,000. b. Sold merchandise on account, $258,000. The cost of the merchandise sold was $154,800. c. Sold merchandise to customers who used MasterCard and VISA, $160,000. The cost of the merchandise sold was $96,000. merchandise sold was $43,200. a service fee paid for processing MasterCard, VISA, and American Express sales d. Sold merchandise to customers who used American Express, $72,000. The cost of the e. Received an invoice from National Clearing House Credit Co. for $8,800, representing

Answer 1

SOLUTION

S.No.	Accounts titles and Explanation	Debit ($)	Credit ($)
1.	Cash	30,000
	Sales		30,000
	Cost of merchandise sold	28,000
	Merchandise inventory		28,000
2.	Accounts receivable	258,000
	Sales		258,000
	Cost of merchandise sold	154,800
	Merchandise inventory		154,800
3.	Cash	160,000
	Sales		160,000
	Cost of merchandise sold	96,000
	Merchandise inventory		96,000
4.	Cash	72,000
	Sales		72,000
	Cost of merchandise sold	43,200
	Merchandise inventory		43,200
5.	Credit card expense	8,800
	Cash		8,800