Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).   Sold $21,000 of merchandise, which cost $15,800, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,100 of merchandise, which cost $3,050, on an assortment of bank credit cards. These cards charge a 4% fee.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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QS 9-1 (Algo) Credit card sales LO C1

Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).
 

  1. Sold $21,000 of merchandise, which cost $15,800, on Mastercard credit cards. Mastercard charges a 5% fee.
  2. Sold $5,100 of merchandise, which cost $3,050, on an assortment of bank credit cards. These cards charge a 4% fee.
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