S 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 $28,000 of merchandise, which cost $21,400, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $5,800 of merchandise, which cost $3,400, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet < 1 2 3 4 Sold $28,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits. General Journal Debit Credit Transaction 1-a. Cash Credit card expense Sales 1,400 Record entry Clear entry View general journ