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 $20,000 of merchandise, that cost $15,000.

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 $20,000 of merchandise, that cost $15,000. on MasterCard credit cards, MasterCard charges a 5% fee. 2. Sold $5,000 of merchandise, that cost $3,000, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 1 2 3 4 > Sold $20,000 of merchandise on MasterCard credit cards. MasterCard charges a 5% fee. Note: Enter debits before credits Transaction General Journal Debit Credit 1-a Prey 1 of 11 Next > Seved 2 Connect Assignment Week 9 Ch 9 & 11 1 1. Sold $20,000 of merchandise, that cost $15,000, on MasterCard credit cards, MasterCard charges a 5% fee. 2. Sold $5,000 of merchandise, that cost $3.000, on an assortment of bank credit cards. These cards charge a 4% fee, View transaction list Journal entry worksheet Print 1 2 3 erences Record the cost of the sale, $15,000. Note Enter debits before credits Transaction General Journal Debit Credit 1.b Prey 1 of 11 : Next > Connect 1 1. Sold $20,000 of merchandise, that cost $15,000, on MasterCard credit cards. MasterCard charges a 5% fee. 2. Sold $5,000 of merchandise, that cost $3,000, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Door Journal entry worksheet 2 3 4 Sold $5,000 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. Note: Enter debts before credits General Journal Debit Credit Tramaction 2-a onnect ASSIS 1. Sold $20,000 of merchandise, that cost $15,000. on MasterCard credit cards. MasterCard charges a 5% ee 2. Sold $5,000 of merchandise, that cost $3,000, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 2 3 1 aces Record the cost of the sale, $3,000. Note: Enter debits before credits General Journal Debit Credit Transaction 2.b

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

How To Beat The IRS At Its Own Game Strategies To Avoid And Fight An Audit

Authors: Amir D Aczel

1st Edition

1568580487, 978-1568580487

More Books

Students also viewed these Accounting questions

Question

How might JIT affect accounting methods?

Answered: 1 week ago

Question

Identify the types of informal reports.

Answered: 1 week ago

Question

Write messages that are used for the various stages of collection.

Answered: 1 week ago