Journalize the entries f

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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### Journalizing Transactions

Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. 

*(Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers.)*

#### Transactions

**A. Sold merchandise for cash, $34,900.**  
   - The cost of the goods sold was $24,081.  
   
**B. Sold merchandise on account, $267,200.**  
   - The cost of the merchandise sold was $184,368.  
   
**C. Sold merchandise to customers who used MasterCard and VISA, $166,200.**  
   - The cost of the merchandise sold was $114,678.  
   
**D. Sold merchandise to customers who used American Express, $68,700.**  
   - The cost of the merchandise sold was $47,403.  
   
**E. Received an invoice from National Clearing House Credit Co. for $7,840,**  
   - representing a service fee paid for processing MasterCard, VISA, and American Express sales.
Transcribed Image Text:### Journalizing Transactions Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. *(Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers.)* #### Transactions **A. Sold merchandise for cash, $34,900.** - The cost of the goods sold was $24,081. **B. Sold merchandise on account, $267,200.** - The cost of the merchandise sold was $184,368. **C. Sold merchandise to customers who used MasterCard and VISA, $166,200.** - The cost of the merchandise sold was $114,678. **D. Sold merchandise to customers who used American Express, $68,700.** - The cost of the merchandise sold was $47,403. **E. Received an invoice from National Clearing House Credit Co. for $7,840,** - representing a service fee paid for processing MasterCard, VISA, and American Express sales.
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