a. debit to Sales 6 debit to Merchandise Inventory e. credit to Merchandise Inventory d. credit to Accounts Receivable o. Generally, the revenue account for a merchandising business is entitied b. Fees Earned c. Gross Sales d. Gross Profit blem 1. Using the perpetual inventory system, journalize the entries for the following selected transactions: (a) Sold merchandise on account, for $12,000. The cost of the mefchandise sold was s6,500. (b) Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300 (c) Sold merchandise to customers who used American Express, $2,900. The cost of the merchandise sold was $1,700. Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. (d) (e) Received $4,325 from American Express Company after a $115 collection fee had beevn deducted. 2