QS $7-1($Algo$)$ Credit card sales LO C$1$

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

Sold $$29,000$ of merchandise, which cost $$22,200,$ on Mastercard credit cards. Mastercard charges a $5\%$ fee.

Sold $$5,900$ of merchandise, which cost $$3,450,$ on an assortment of bank credit cards. These cards charge a $4\%$ fee.

Journal entry worksheet

Sold $$29,000$ of merchandise on Mastercard credit cards.

Mastercard charges a $5\%$ fee.

Note: Enter debits before credits.