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, $26,440. The cost of the goods sold was $15,860. (Record the sale first.)

	Cash
	Sales
	Cost of Goods Sold
	Inventory

b. Sold merchandise on account, $11,840. The cost of the goods sold was $7,100. (Record the sale first.)

	Accounts Receivable
	Sales
	Cost of Goods Sold
	Inventory

c. Sold merchandise to customers who used MasterCard and VISA, $117,110. The cost of the goods sold was $70,270. (Record the sale first.)

	Cash
	Sales
	Cost of Goods Sold
	Inventory

d. Sold merchandise to customers who used American Express, $40,540. The cost of the goods sold was $24,320. (Record the sale first.)

	Cash
	Sales
	Cost of Goods Sold
	Inventory

e. Received and paid an invoice from National Clearing House Credit Co. for $8,200, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

	Credit Card Expense
	Cash