Q8

Prepare journal entries for the following credit card sales transactions (the company uses the perpetual Inventory system) 1. Sold $25,000 of merchandise, which cost $19,000, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $5,500 of merchandise, which cost $3,250, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 1 2 3 4 Sold $25,000 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