QS 7-1 (Algo) Credit card sales LO C1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $23,000 of merchandise, which cost $17,400, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $5,300 of merchandise, which cost $3,150, on an assortment of bank credit cards. These cards charge a 4% fee. Journal entry worksheet Sold $23,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits