Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).

1. Sold $40,000 of merchandise, which cost $31,000, on Mastercard credit cards. Mastercard charges a 5% fee.
2. Sold $7,000 of merchandise, which cost $4,000, on an assortment of bank credit cards. These cards charge a 4% fee.

View transaction list X 1 Sold $40,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. 2 Record the cost of the sale, $31,000. 3 Sold $7,000 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. 4 Record the cost of the sale, $4,000. Journal entry worksheet 1 2 3 4 > Sold $40,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits. Transaction General Journal Debit Credit 1-a. Record entry Clear entry View general journal Journal entry worksheet Record the cost of the sale, $31,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 1-b. Record entry Clear entry View general journal Journal entry worksheet