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obj|3 E4-12 Sales-related transactions, including the use of credit cards Illustrate the effects on the accounts and financial statements of recording the following transactions: a.
obj|3 E4-12 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, $23,500. The cost of the merchandise sold was $14,000. b. Sold merchandise on account, $12,000. The cost of the merchandise sold was $7,200. c. Sold merchandise to customers who used MasterCard and VISA, $190,000. The cost of the merchandise sold was $115,000
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