Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).

1. Sold $40,000 of merchandise, which cost $31,000, on Mastercard credit cards. Mastercard charges a 5% fee.
2. Sold $7,000 of merchandise, which cost $4,000, on an assortment of bank credit cards. These cards charge a 4% fee.

  
 
 
 

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View transaction list Sold $40,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. 1 2 Record the cost of the sale, $31,000. Sold $7,000 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. 4 Record the cost of the sale, $4,000. View transaction list Sold $40,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. 1 2 Record the cost of the sale, $31,000. Sold $7,000 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. 4 Record the cost of the sale, $4,000.

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