Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $32,000 of merchandise, which cost $24.600,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $32,000 of merchandise, which cost $24.600, on Mastercard credit cards. Mastercard charges a 5% fee 2. Sold $6,200 of merchandise, which cost $3,600 on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet Sold $32,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits General Journal Debit Transaction Credit View general journal Clear entry Record entry RTC Carus. These View transaction list Journal entry worksheet Record the cost of the sale, $24,600. Note: Enter debits before credits Transaction General Journal Debit Credit 1-5 Record entry Clear entry View general journal e 1. Sold $32,000 of merchandise, which cost $24,600 on Mastercard credit cards. Mastercard charges a 5 fee 2. Sold $6,200 of merchandise, which cost $3,600, on an assortment of bank credit cards. These cards charge a 4 fee View transaction list Journal entry worksheet Sold $6,200 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. Note: Enter debits before credits Debit Credit Transaction General Journal Clear entry Record entry ADd222 PM TI DOLL U DULJ S uns (the company uses the perpetual inventory system 1. Sold $32,000 of merchandise, which cost $24,600 on Mastercard credit cards. Mastercard charges a 5% fee 2. Sold $6.200 of merchandise, which cost $3,600, on an assortment of bank credit cards. These cards charge a 4 fee Book View transaction list Journal entry worksheet Hint 222 PM AP1. 9

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Control Systems

Authors: Kenneth Merchant, Wim Van Der Stede

5th Edition

1292444134, 9781292444130

More Books

Students also viewed these Accounting questions

Question

=+how might their legitimacy be improved?

Answered: 1 week ago