QS $7-1$ Credit card sales C$1$

Prepare journal entries for the following credit card sales transactions. The company uses the perpetual

inventory system.

$1.$ Sold $$20,000$ of merchandise, which cost $$15,000,$ on Mastercard credit cards. Mastercard charges a $5\%$

fee.

$2.$ Sold $$5,000$ of merchandise, which cost $$3,000,$ on an assortment of bank credit cards. These cards

charge a $4\%$ fee