Question
Instructions: Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a
Instructions:
Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. )
A. | Sold merchandise for cash, $33,900. The cost of the goods sold was $18,306. |
B. | Sold merchandise on account, $262,400. The cost of the merchandise sold was $141,696. |
C. | Sold merchandise to customers who used MasterCard and VISA, $169,100. The cost of the merchandise sold was $91,314. |
D. | Sold merchandise to customers who used American Express, $72,500. The cost of the merchandise sold was $39,150. |
E. | Received and paid an invoice from National Clearing House Credit Co. for $8,570, representing a service fee paid for processing MasterCard, VISA, and American Express sales. |
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Journalize the entries for the transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
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