Credit Card Sales Katy's Gallery sells quality art work with prices for individual pieces ranging from $300 to $25,000. Sales are intrequent, typically only three to five pieces per week. The following transactions occurred during the first week of June 2015. Perpetual inventory is used On June 1, sold an $900 framed print ($450 cost) to Kerwin Antiques on account with 3/10, 1/30 credit terms. On June 2. sold three framed etchings totaling $2,400 (1,500 cost) to Maria Alvado, who used the United Merchants Card to charge the cost of the etchings Katy mailed the credit card sales slip to United Merchants the same day. United Merchants will send a check within seven days after deducting a one percent fee. On June 4, sold a 51.900 oil painting ($1,000 cosito Shaun Chandler, who paid with a personal check On June 5, sold a $2,100 watercolor (51,500 cost) to julle and John Malble, who used their Great American Bank Card to charge the purchase of the painting. Katy deposited the credit card sales slip the same day and received immediate credit in the company's checking account. The bank charged a one percent fee. On June 6, received payment from Kerwin Antiques for its June 1 purchase. On June 7, received a check from United Merchants for the June 2 sale, Prepare journal entries to record the Katy Gallery transactions. General Journal Date Description Debit Credit June 1 . To record credit sales revenue. June 1 . To record cost of goods sold. To record credit card sales. June 5 $ $ To record cost of goods sold. June 6 Cash $ $ > To record collection from Kerwin Antiques. June 7 $ To record collection from United Merchants