E4-8 Sales-related transactions, including the use of credit cards Illustrate the effects on the accounts and financial statements of recording the following transactions: a. Sold merchandise for cash, $62,500. The cost of the goods sold was $30,000. b. Sold merchandise on account, $27,800. The cost of the goods sold was $16,000. c. Sold merchandise to customers who used MasterCard and VISA, $287,500. The cost of the merchandise sold was $170,000.