QS $7-1($Static$)$ Credit card sales LO C$1$

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

$1.$ Sold $\backslash (\backslash$$ $20,000\backslash )$ of merchandise, which cost $\backslash (\backslash$$ $15,000\backslash ),$ on Mastercard credit cards. Mastercard charges a $\backslash (5\backslash \%\backslash )$ fee.

$2.$ Sold $\backslash (\backslash$$ $5,000\backslash )$ of merchandise, which cost $\backslash (\backslash$$ $3,000\backslash ),$ on an assortment of bank credit cards. These cards charge a $\backslash (4\backslash \%\backslash )$ fee.

Journal entry worksheet

$1$

$2$

$3$

$4$

Sold $\backslash$$$20,000$ of merchandise on Mastercard credit cards. Mastercard charges a $\backslash (5\backslash \%\backslash )$ fee.

Note: Enter debits before credits.