Credit Card Sales Valderi's Gallery sells quality art work, with prices for individual pieces ranging from $500 to $25,000. Sales are infrequent, typically only three to five pieces per week. The following transactions occurred during the first week of June 2012. Perpetual inventory is used. Jun.1 Sold a framed print to Kerwin Antiques on account, with 2/10,n/30 credit terms for $900 ($600 cost) Jun.2 Sold three framed etchings to Maria Alvado, totaling $2,500 ($1,600 cost) who used the United Merchants Card to charge the cost of the etchings. Valderi mailed the credit card sales slip to United Merchants the same day. United Merchants will send a check within seven days after deducting a 1 % fee. Jun.4 Sold an oil painting to Shaun Chandler, who paid with a personal check: $1,900 ($1,100 cost) Jun. Sold a watercolor to Julie and John Malbie, who used their Great American Bank Card to charge the purchase of the painting. Valderi deposited the credit card sales slip the same day and received immediate credit in the company's checking account. The bank charged a 2% fee. The painting was sold for: $2,100 ($1,400 cost) Jun.6 Received payment from Kerwin Antiques for its June 1 purchase. Jun.7 Received a check from United Merchants for the June 2 sale. Required Prepare journal entries to record the Valderi Gallery transactions. General Journal Date Description Debit Credit June 1 0 $ 0 0 0 To record credit sales revenue. June 1 050 To record cost of goods sold. June 2 $ 0 $ Credit Card Fee Expense To record credit card sales. June 2 $ 0 $ 0 0 0 To record cost of goods sold. June 4 $ 0 $ To record cash sales. June 4 $ 0$ 0 To record cost of goods sold. June 5 0$ Credit Card Fee Expense To record credit card sales. June 5 05 To record cost of goods sold. June 6 Cash os To record collection from Kerwin Antiques. June 7 $ 0 $ To record collection from United Merchants