M&M Company allows customers to make purchases on credit. Also, customers can use either of two credit cards: VISA or MASTER cards. VISA cards deduct 1% service charge for sales on its credit card and immediately credits the bank account of M&M. When customers use the MASTER card, MASTER deducts 2% service charge and usually pays within two weeks. Terms of all credit sales are 3/10, n/30. The following transactions happened during January in M&M: Jan. 4 Sold $2,000 of goods on credit to Customer (A) 10 Sold $3,000 of goods to Customer (B) who used VISA card 11 Sold $1,500 of goods to customer (C) who used MASTER card 15 Receive cash from Customer (A) in full for the purchase of Jan 4 30 Received the amount due from MASTER card in bank account. Required: Prepare journal entries to record the above transactions. (5 Marks) Solution