On January 15, Tundra Co, sold merchandise to customers for cash of $44,000 (cost $29,900). Merchandise...

 

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On January 15, Tundra Co, sold merchandise to customers for cash of $44,000 (cost $29,900). Merchandise costing $11,100 was sold to customers for $16,600 on January 17; terms 2/10, n/30. Sales totalling $313,000 (cost $210,000) were recorded on January 20 to customers using MasterCard; assume the credit card charges a 2% fee. On January 25, sales of $76,400 (cost $51,200) were made to debit card customers. The bank charges Tundra a flat fee of 0.5% on all debit card transactions. Required: Prepare journal entries for each of the transactions described (assume a perpetual inventory system). On January 15, Tundra Co, sold merchandise to customers for cash of $44,000 (cost $29,900). Merchandise costing $11,100 was sold to customers for $16,600 on January 17; terms 2/10, n/30. Sales totalling $313,000 (cost $210,000) were recorded on January 20 to customers using MasterCard; assume the credit card charges a 2% fee. On January 25, sales of $76,400 (cost $51,200) were made to debit card customers. The bank charges Tundra a flat fee of 0.5% on all debit card transactions. Required: Prepare journal entries for each of the transactions described (assume a perpetual inventory system).