Using the perpetual inventory system.

(a)	Sold merchandise on account, for $12,000, terms n/30. The cost of the merchandise sold was $6,500.
(b)	Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300.
(c)	Sold merchandise to customers who used American Express, $2,900. The cost of the merchandise sold was $1,700.
(d)	Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales.
(e)	Paid a $75 processing fee associated with sales made to customers who used American Express.

Required:

Journalize the entries for the above selected transactions. Refer to the Chart of Accounts for exact wording of account titles. All of the transactions have the date of December 31th.

Chart of Accounts

CHART OF ACCOUNTS

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
125	Notes Receivable
130	Merchandise Inventory
131	Estimated Returns Inventory
140	Supplies
142	Prepaid Insurance
180	Land
190	Equipment
191	Accumulated Depreciation

	LIABILITIES
210	Accounts Payable
216	Salaries Payable
221	Sales Tax Payable
222	Customers Refunds Payable
231	Unearned Rent
241	Notes Payable

	EQUITY
310	Owner, Capital
311	Owner, Drawing

	REVENUE
410	Sales

	EXPENSES
510	Cost of Merchandise Sold
521	Delivery Expense
522	Advertising Expense
523	Depreciation Expense
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Supplies Expense
536	Credit Card Expense
560	Miscellaneous Expense
710	Interest Expense

General Journal

Journalize the entries for the each selected transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles. All of the transactions have the date of December 31th.

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JOURNAL

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