Credit card sales

Prepare journal entries for the following credit card sales transactions. The company uses the perpetual inventory system.

1. Sold $20,000 of merchandise, which cost $15,000, on Mastercard credit cards. Mastercard charges a 5% fee.

2. Sold $5,000 of merchandise, which cost $3,000, on an assortment of bank credit cards. These cards charge a 4% fee.