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ch7.q2

Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $20,000 of merchandise, which cost $15,000, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $5,000 of merchandise, which cost $3,000, on an assortment of bank credit cards. These cards charge a 4% fee. Journal entry worksheet Sold $20,00 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits. Journal entry worksheet Record the cost of the sale, $15,000. Note: Enter debits before credits. Journal entry worksheet 1 Sold $5,000 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. Note: Enter debits before credits. Journal entry worksheet Record the cost of the sale, $3,000. Note: Enter debits before credits