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. )

Mar.1Sold merchandise for cash, $30,000. The cost of the merchandise soldThe cost that is reported as an expense when merchandise is sold.

was $18,000.10Sold merchandise on account, $258,000. The cost of the merchandise sold was $154,800.12Sold merchandise to customers who used MasterCard and VISA, $160,000. The cost of the merchandise sold was $96,000. 17Sold merchandise to customers who used American Express, $72,000. The cost of the merchandise sold was $43,200.31Received and paid an invoiceThe bill that the seller sends to the buyer.

from National Clearing House Credit Co. for $8,800, representing a service fee paid for processing MasterCard, VISA, and American Express sales.