ACCOUNTING FOR CREDIT CARD SALES Judy’s College Shirts sells sweatshirts with imprinted college logos in Honey Creek Mall.

At the end of a recent day, Judy’s cash register included credit card documents for the following sales amounts:

MasterCard $493.56 Visa 371.93 The merchant’s charges are 2.3 percent for MasterCard and 2.8 percent for Visa.

Judy’s also had cash sales of $2,390.41 and $1,300.50 of sales on credit to Rampdan Services, a local business.

Required:

Prepare a journal entry to record these sales.

Cornerstone Exercise