Hello, I need help with the following question(s): Connect xC Chegg Study | Guid

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Hello, I need help with the following question(s):

Connect xC Chegg Study | Guided So X ? | Secure l https://newconnect.mheducation.com/flow/connect.html Ch 7 Exercises Saved Help Save & Exit Submit Check my work 6 QS 7-1Credit card sales LO C1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 3.88 pcinis 1. Sold $20,000 of merchandise, that cost $15,000, on MasterCard credit cards MasterCard charges a 5% fee 2. Sold $5,000 of merchandise, that cost $3,000, on an assortment of bank credit cards. These cards charge a 4% fee. eBook Hint Piint View transaction list References Journal entry worksheet Sold 20,000 of merchandise on MasterCard credit cards, MasterCard charges a 59% fe9 Note: Enter debits before credits ransaction General Journal Debit redit

Explanation / Answer

JOURNAL ENTRIES

Transaction

General Journal

Debit

Credit

1a

Cash

$ 19,000.00

Credit Card Expenses

$    1,000.00

         Sales

$ 20,000.00

(Sales made by Credit card)

1b

Cost of Goods Sold

$ 15,000.00

              Merchandise Inventory

$ 15,000.00

(Cost of Goods Sold Recorded)

2a

Cash

$    4,800.00

Credit Card Expenses

$        200.00

         Sales

$    5,000.00

(Sales made by Credit card)

2b

Cost of Goods Sold

$    3,000.00

              Merchandise Inventory

$    3,000.00

(Cost of Goods Sold Recorded)

Note- It is assumed that payment by credit card companies are received instantly.

JOURNAL ENTRIES

Transaction

General Journal

Debit

Credit

1a

Cash

$ 19,000.00

Credit Card Expenses

$    1,000.00

         Sales

$ 20,000.00

(Sales made by Credit card)

1b

Cost of Goods Sold

$ 15,000.00

              Merchandise Inventory

$ 15,000.00

(Cost of Goods Sold Recorded)

2a

Cash

$    4,800.00

Credit Card Expenses

$        200.00

         Sales

$    5,000.00

(Sales made by Credit card)

2b

Cost of Goods Sold

$    3,000.00

              Merchandise Inventory

$    3,000.00

(Cost of Goods Sold Recorded)

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