Sales-Related Transactions, Including the Use of Credit Cards Instructions Chart of Accounts Journal Instructions Journalize the entries for the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers.) Mar. 1 Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000. 10 Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000. 12 Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cost of the merchandise sold was $1,250,000. 17 Sold merchandise to customers who used American Express, $330,000. The cost of the merchandise sold was $230,000. 31 Paid $81,500 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7