QS 7-1 (Algo) Credit card sales LO C1 4 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1.5/5 points awarded 1. Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee 2. Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge e 4% fee. scored No Transaction General Journal Credit 1 Cash Credit card expense Sales OOO Debit 36,100 1.800 38.000 2 1-5 oo 2 3 2-0 O Q $ 4 2-5 3