QS 7-1 Credit card sales LO C1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $25,000 of merchandise, that cost $19,000, on MasterCard credit cards. MasterCard charges a 5% fee. 2. Sold $5,500 of merchandise, that cost $3,250, on an assortment of bank credit cards. These cards charge a 4% fee. Answer is not complete. No Transaction General Journal Debit Credit 1-b Cost of goods sold 19,0000 Merchandise inventory 19,000 Cash Accounts receivable-Credit card cos. 4 2-b. Cash Accounts receivable-Credit card cos