Journalize the entries for the following transactions: a. Sold merchandise for cash, $45,000. The cost of the
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.
Step by Step Answer:
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac