Post the journal entries for the following transactions:

a. Sold merchandise for cash, $24,620. The cost of merchandise sold was $14,770. 

b. Sold merchandise on account, $10,860. The cost of merchandise sold was $6,520.

C. Sold merchandise to customers using MasterCard and VISA, $124,050. The cost of merchandise sold was $74,430.

d. Sold merchandise to customers using American Express, $41,920. The cost of merchandise sold was $25,150. 

e. You received a bill from National Credit Co. for $7,630, which represents a service fee paid for the processing of MasterCard, VISA, and American Express sales.

Answer rating: 100% (QA)

No Account Name a b C d e Cash Sales revenue Cost of goods sold Merchandise Inventory Ac... View the full answer