Question
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,
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, $17,550. The cost of the goods sold was $10,530. (Record the sale first.) b. Sold merchandise on account, $12,940. The cost of the goods sold was $7,760. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and VISA, $109,720. The cost of the goods sold was $65,830. (Record the sale first.) d. Sold merchandise to customers who used American Express, $44,480. The cost of the goods sold was $26,690. (Record the sale first.) e. Received an invoice from National Clearing House Credit Co. for $5,440, representing a service fee paid for processing MasterCard, VISA, and American Express sales.
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