Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge a 4% fee.
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge a 4% fee.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
Related questions
Question
Prepare
- Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee.
- Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge a 4% fee.
![Prepare Journal entries for the following credit card sales transactions (the company uses the perpetual Inventory system).
1. Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee.
2. Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge a 4% fee.
View transaction list
Journal entry worksheet
1
2
Sold $38,000 of merchandise on Mastercard credit cards. Mastercard charges a
5% fee.
Transaction
1-a.
3 4
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff6f91fd2-a8f3-4a2e-bb42-a8593f8622b2%2F7b366724-b5f0-43be-8f69-882f6211637c%2F7wg2dp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare Journal entries for the following credit card sales transactions (the company uses the perpetual Inventory system).
1. Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee.
2. Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge a 4% fee.
View transaction list
Journal entry worksheet
1
2
Sold $38,000 of merchandise on Mastercard credit cards. Mastercard charges a
5% fee.
Transaction
1-a.
3 4
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>
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