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 $40,000 of merchandise, which cost $31000, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $7,000 of merchandise, which cost $4,000, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 1 2 3 4 Sold $40,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits Transaction General Journal Debit Credit 1-a Record entry Clear entry View general Journal 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 $40,000 of merchandise, which cost $31.000, on Mastercard credit cards, Mastercard charges a 5% fee. 2. Sold $7,000 of merchandise, which cost $4,000, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 1 2 3 4 > Record the cost of the sale, $31,000. Note: Enter debits before credits Transaction General Journal Debit Credit 1-b. Record entry Clear entry View general Journal 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 $40,000 of merchandise, which cost $31,000, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $7,000 of merchandise, which cost $4,000, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 4 Sold $7,000 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. Note: Enter debits before credits Transaction General Journal Debit Credit 2- Record entry Clear entry View general Journal 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 $40,000 of merchandise, which cost $31,000, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $7,000 of merchandise, which cost $4,000, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 1 2 3 Record the cost of the sale, $4,000. Note: Enter debits before credits General Journal Debit Credit Transaction 2-b. Record entry Clear entry View general journal