QS 7-1 Credit card sales LO C Prepare jounal entries for the following credit card sales transactions (the company uses the perpetual inventory system) 1. Sold $20,000 of merchandise, that cost $15,000, on MasterCard credit cards. The net cash receipts from sales are immediately deposited in the seller's bank account MasterCard charges a 5% fee S5,000 of merchandise, that cost $3,000, on an assortment of credit cards. Net cash receipts are received 5 days later, and a 4% fee is charged. View transaction list Journal entry worksheet 2 Recorded the cost of the sale, $15,000. Note: Enter debits before credits Debit General Journal Transaction 1-b. Clear entry Record entry