Sales-Related Transactions, Including the Use of Credit Cards

Journalize the entries for the following transactions:

a. Sold merchandise for cash, $20,800. The cost of the goods sold was $12,480. (Record the sale first.)

b. Sold merchandise on account, $8,890. The cost of the goods sold was $5,330. (Record the sale first.)

c. Sold merchandise to customers who used MasterCard and VISA, $114,550. The cost of the goods sold was $68,730. (Record the sale first.)

d. Sold merchandise to customers who used American Express, $53,300. The cost of the goods sold was $31,980. (Record the sale first.)

e. Received and paid an invoice from National Clearing House Credit Co. for $6,450, representing a service fee paid for processing MasterCard, VISA, and American Express sales.