Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $29,000 of merchandise, which cost $22,200, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $5,900 of merchandise, which cost $3,450, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 1 2 3 Transaction 1-a. Sold $29,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits. 4 General Journal Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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**Prepare Journal Entries for Credit Card Sales Transactions**

The company uses the perpetual inventory system. Please prepare the journal entries for the following credit card sales transactions:

1. **Transaction 1:** Sold $29,000 of merchandise, which cost $22,200, on Mastercard credit cards. Mastercard charges a 5% fee.

2. **Transaction 2:** Sold $5,900 of merchandise, which cost $3,450, on an assortment of bank credit cards. These cards charge a 4% fee.

---

**Journal Entry Worksheet**

- **View Transaction List Button**
  - This button allows viewing the list of transactions.

- **Worksheet Tabs (1 to 4)**
  - Current Active Tab: 1

- **Transaction Details (Tab 1)**
  - Description: Sold $29,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee.

- **Note:**
  - Enter debits before credits.

- **Journal Format:**
  - Columns: Transaction, General Journal, Debit, Credit
  - Rows: Empty for entries (example: 1-a.)

This worksheet is used for recording and tracking the debits and credits for financial transactions, following the company’s prescribed accounting practices.
Transcribed Image Text:**Prepare Journal Entries for Credit Card Sales Transactions** The company uses the perpetual inventory system. Please prepare the journal entries for the following credit card sales transactions: 1. **Transaction 1:** Sold $29,000 of merchandise, which cost $22,200, on Mastercard credit cards. Mastercard charges a 5% fee. 2. **Transaction 2:** Sold $5,900 of merchandise, which cost $3,450, on an assortment of bank credit cards. These cards charge a 4% fee. --- **Journal Entry Worksheet** - **View Transaction List Button** - This button allows viewing the list of transactions. - **Worksheet Tabs (1 to 4)** - Current Active Tab: 1 - **Transaction Details (Tab 1)** - Description: Sold $29,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. - **Note:** - Enter debits before credits. - **Journal Format:** - Columns: Transaction, General Journal, Debit, Credit - Rows: Empty for entries (example: 1-a.) This worksheet is used for recording and tracking the debits and credits for financial transactions, following the company’s prescribed accounting practices.
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