Question

Journalize the entries for the following transactions:
a. Sold merchandise for cash, $45,000. The cost of the merchandise sold was $27,000.
b. Sold merchandise on account, $115,000. The cost of the merchandise sold was $69,000.
c. Sold merchandise to customers who used MasterCard and VISA, $130,000. The cost of the merchandise sold was $78,000.
d. Sold merchandise to customers who used American Express, $100,000. The cost of the merchandise sold was $60,000.
e. Received an invoice from Foley Credit Co. for $9,200, representing a service fee paid for processing MasterCard, VISA, and American Express sales.



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  • CreatedFebruary 28, 2014
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