a. Sold merchandise for cash, $17,830. The cost of the goods sold was $10,700. (Record the sale first.) b. Sold merchandise on account, $11,040. The cost of the goods sold was $6,620. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and VISA, $101,690. The cost of the goods sold was $61,010. (Record the sale first.) d. Sold merchandise to customers who used American Express, $47,500. The cost of the goods sold was $28,500. (Record the sale first.) 00 e. Received and paid an invoice from National Clearing House Credit Co. for $5,530, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

a. Sold merchandise for cash, $17,830. The cost of the goods sold was $10,700. (Record the sale first.) b. Sold merchandise on account, $11,040. The cost of the goods sold was $6,620. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and VISA, $101,690. The cost of the goods sold was $61,010. (Record the sale first.) d. Sold merchandise to customers who used American Express, $47,500. The cost of the goods sold was $28,500. (Record the sale first.) 00 e. Received and paid an invoice from National Clearing House Credit Co. for $5,530, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

Name: Sales-Related Transactions, Including the Use of Credit CardsJournaliz
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Description: Sales-Related Transactions, Including the Use of Credit CardsJournalize the entries for the following transactions: a. Sold merchandise for cash, $17,830. The cost of the goods sold was $10,700. (Record the sale first.)b. Sold merchandise on account,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Sales-Related Transactions, Including the Use of Credit Cards

Journalize the entries for the following transactions:

a. Sold merchandise for cash, $17,830. The cost of the goods sold was $10,700. (Record the sale first.)
b. Sold merchandise on account, $11,040. The cost of the goods sold was $6,620. (Record the sale first.)
c. Sold merchandise to customers who used MasterCard and VISA, $101,690. The cost of the goods sold was $61,010. (Record the sale first.)
d. Sold merchandise to customers who used American Express, $47,500. The cost of the goods sold was $28,500. (Record the sale first.)
00

e. Received and paid an invoice from National Clearing House Credit Co. for $5,530, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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