On July 15, Smart Vitamin Store sold merchandise to customers for cash of $22,000 (cost $13,200). Merchandise costing $12,800 was sold to Medi-Clinic for $15,480 on July 17, terms 2/10, n/30. Sales totalling $190,000 (cost $114,000) were recorded on July 20 to customers using MasterCard (assume a 2.5% fee). On July 25, sales of $102,000 (cost $61,200) were made to debit card customers. The bank charges Smart Vitamin a flat fee of 0.45% on all debit card transactions.

Required
Prepare journal entries for each of the transactions described (assume a perpetual inventory system).

Analysis Component:
Identify the advantages and disadvantages of each type of sale: cash sale, credit sale, credit card sale, or debit card sale. Explain why Smart Vitamin would likely accept all these types of sales.