Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

could you help me solve this accountanting problem PRoblems A-E Sales-Related Transactions, Incuding the Use of Credit Cards Joumalize the entries for the following transactions:

could you help me solve this accountanting problem PRoblems A-E image text in transcribed
image text in transcribed
Sales-Related Transactions, Incuding the Use of Credit Cards Joumalize the entries for the following transactions: If an amount box does not require an entry, leave it blank. a. Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000. (Record the sale first.) b. Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000. (Record the sale first.) C. Sold merchandise to customers who used MasterCard and VisA, $1,950,000. The cost of the merchandise sold was $1,250,000. (Record the saie first.) d. Sold merchandise to customers who used American Express, $330,000. The cost of the merchandist sold was $230,000. (Recoid the sale first) C. Paid \$81,500 to National Clearing House Credit Co. for service fees for processing MasteiCard, VISA, and Amencan Express sales

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Financial Analysis In The Hospitality Industry

Authors: Jonathan A. Hales

1st Edition

0750678968, 978-0750678964

More Books

Students also viewed these Accounting questions