Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of
Question:
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, $31,600. The cost of the merchandise sold was $12,640.
10 Sold merchandise on account, $259,000. The cost of the merchandise sold was $103,600.
12 Sold merchandise to customers who used MasterCard and VISA, $153,000. The cost of the merchandise sold was $61,200.
17 Sold merchandise to customers who used American Express, $73,800. The cost of the merchandise sold was $29,520.
31 Received and paid an invoice from National Clearing House Credit Co. for $8,000, representing a service fee paid for processing MasterCard, VISA, and American Express sales.
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren