Prepare journal entries for the following credit card sales transactions. The company uses the perpetual inventory system.
Question:
Prepare journal entries for the following credit card sales transactions. The company uses the perpetual inventory system.
1. Sold $20,000 of merchandise, which cost $15,000, on Mastercard credit cards. Mastercard charges a 5% fee.
2. Sold $5,000 of merchandise, which cost $3,000, on an assortment of bank credit cards. These cards charge a 4% fee.
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Related Book For
Principles Of Financial Accounting (Chapters 1-17)
ISBN: 9781260780147
25th Edition
Authors: John Wild
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