**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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Description: **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, whi

The journal entries are prepared to keep the record of day to day transactions of the business on regular basis. The perpetual inventory system records the cost of goods sold as and when sales transactions are incurred. JOURNAL S. No Particulars Debit Amt $ Credit amt $ 1. a. Cash 27,550 Credit card expenses (5% * 29,000) 1,450 Sales 29,000 (To record sales) 1. b. Cost of goods sold 22,200 Inventory 22,200 (To record cost of goods sold) 2. a. Cash 5,664 Credit card expenses (4% * 5,900) 236 Sales 5,900 (To record sales) 2. b Cost of goods sold 3,450 Inventory 3,450 (To record cost of goods sold)

Business

Accounting

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

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

Section: Chapter Questions

Problem 1Q

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