Journalize the entries for the following transactions. Refer to the

Chart of Accounts for exact wording of account titles. (Note: The

company uses a clearinghouse to take care of all bank as well as

non-bank credit cards used by its customers. )

Mar. 1 Sold merchandise for cash, $116,300. The cost of the

merchandise sold was $72,000.

10 Sold merchandise on account, $755,000. The cost of the merchandise

sold was $400,000.

12 Sold merchandise to customers who used MasterCard and VISA,

$1,950,000. The cost of the merchandise sold was $1,250,000.

17 Sold merchandise to customers who used American Express, $330,000.

The cost of the merchandise sold was $230,000.

31 Paid $81,500 to National Clearing House Credit Co. for service fees

for processing MasterCard, VISA, and American Express sales.

Answer rating: 100% (QA)

1Mar Cash 116300 Sales 116300 1Mar Cost of Merchandise Sold 72000 Merchandise Inventory ... View the full answer