Prepare journal entries for the following credit card sales transactions (the company uses the perpet¬

ual inventory system): lop4 QUICK STUDY 1. Sold $10,000 of merchandise, that cost $7,500, on MasterCard credit cards, 'fhe net cash receipts from sales are immediately deposited in the seller’s bank account. MasterCard charges a 5% fee.

2. Sold $3,000 of merchandise, that cost $1,51X1, on an assortment of credit cards. Net cash receipts are received 7 days later, and a 4% fee is charged.