Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: (If an amount box does not require an entry, leave it blank.)
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: (If an amount box does not require an entry, leave it blank.)
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...
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![Sales-Related Transactions, Including the Use of Credit Cards
Journalize the entries for the following transactions: (If an amount box does not require an entry, leave it blank.)
a. Sold merchandişe for cash, $21,650. The cost of the goods sold was $12,990. (Record the sale first.)
b. Sold merchandise on account, $14,490. The cost of the goods sold was $8,690. (Record the sale first.)
Accounting numeric field
c. Sold merchandise to customers who used MasterCard and VISA, $105,540. The cost of the goods sold was $63,320. (Record the sale first.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F45a539d8-0175-49be-87b9-0888edd41698%2F2b083647-54b9-4793-8eaf-9aa5c3c88781%2Fat8bmml_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sales-Related Transactions, Including the Use of Credit Cards
Journalize the entries for the following transactions: (If an amount box does not require an entry, leave it blank.)
a. Sold merchandişe for cash, $21,650. The cost of the goods sold was $12,990. (Record the sale first.)
b. Sold merchandise on account, $14,490. The cost of the goods sold was $8,690. (Record the sale first.)
Accounting numeric field
c. Sold merchandise to customers who used MasterCard and VISA, $105,540. The cost of the goods sold was $63,320. (Record the sale first.)
![c. Sold merchandise to customers who used MasterCard and VISA, $105,540. The cost of the goods sold was $63,320. (Record the sale first.)
d. Sold merchandise to customers who used American Express, $32,800. The cost of the goods sold was $19,680. (Record the sale first.)
e. Received and paid an invoice from National Clearing House Credit Co. for $6,710, representing a service fee paid for processing MasterCard, VISA, and American
Express sales.
00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F45a539d8-0175-49be-87b9-0888edd41698%2F2b083647-54b9-4793-8eaf-9aa5c3c88781%2Fqqgwkt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:c. Sold merchandise to customers who used MasterCard and VISA, $105,540. The cost of the goods sold was $63,320. (Record the sale first.)
d. Sold merchandise to customers who used American Express, $32,800. The cost of the goods sold was $19,680. (Record the sale first.)
e. Received and paid an invoice from National Clearing House Credit Co. for $6,710, representing a service fee paid for processing MasterCard, VISA, and American
Express sales.
00
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