Sales-Related Transactions, Including the Use of Credit Cards

Journalize the entries for the following transactions: (If an amount box does not require an entry, leave it blank.)

a. Sold merchandise for cash, $21,230. The cost of the goods sold was $12,740. (Record the sale first.)

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b. Sold merchandise on account, $13,430. The cost of the goods sold was $8,060. (Record the sale first.)

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c. Sold merchandise to customers who used MasterCard and VISA, $117,860. The cost of the goods sold was $70,720. (Record the sale first.)

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d. Sold merchandise to customers who used American Express, $42,870. The cost of the goods sold was $25,720. (Record the sale first.)

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e. Received and paid an invoice from National Clearing House Credit Co. for $6,580, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

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