Journalize the entries for the following transactions: a. Sold merchandise for cash, 25400. The cost of the merchandise was 15240. (Record the sale first.) b. Sold merchandise on account, 10610. The cost of merchandise sold was 6370. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and Visa, $117,060. The cost of the merchandise sold was $70,240. (Record the sale first.) d. Sold merchandise to customers who used American Express, $40,890. The cost of the merchandise sold was $24,530. (Record the sale first.) e. Paid $7,870 to National Clearing House Credit Co. for service fees for processing Mastercard, Visa, and American Express sales.
Journalize the entries for the following transactions: a. Sold merchandise for cash, 25400. The cost of the merchandise was 15240. (Record the sale first.) b. Sold merchandise on account, 10610. The cost of merchandise sold was 6370. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and Visa, $117,060. The cost of the merchandise sold was $70,240. (Record the sale first.) d. Sold merchandise to customers who used American Express, $40,890. The cost of the merchandise sold was $24,530. (Record the sale first.) e. Paid $7,870 to National Clearing House Credit Co. for service fees for processing Mastercard, Visa, and American Express sales.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a. Sold merchandise for cash, 25400. The cost of the merchandise was 15240. (Record the sale first.)
b. Sold merchandise on account, 10610. The cost of merchandise sold was 6370. (Record the sale first.)
c. Sold merchandise to customers who used MasterCard and Visa, $117,060. The cost of the merchandise sold was $70,240. (Record the sale first.)
d. Sold merchandise to customers who used American Express, $40,890. The cost of the merchandise sold was $24,530. (Record the sale first.)
e. Paid $7,870 to National Clearing House Credit Co. for service fees for processing Mastercard, Visa, and American Express sales.
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