Journalize the entries for the following transactions. Refer to the Chart of Acc
ID: 2499723 • Letter: J
Question
Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles.
Mar. 1 Sold merchandise for cash, $33,900. The cost of the merchandise sold was $18,306. 10 Sold merchandise on account, $262,400. The cost of the merchandise sold was $141,696. 12 Sold merchandise to customers who used MasterCard and VISA, $169,100. The cost of the merchandise sold was $91,314. 17 Sold merchandise to customers who used American Express, $72,500. The cost of the merchandise sold was $39,150. 31 Received and paid an invoice from National Clearing House Credit Co. for $8,570, representing a service fee paid for processing MasterCard, VISA, and American Express sales.Explanation / Answer
Date Account Title & Explaination Debit Credit Mar 1 Cash 33900 Sale 33900 Cost of Good Sold 18306 Inventory 18306 Mar 10 Account Recievable 262400 Sale 262400 Cost of Good Sold 141696 Inventory 141696 Mar 12 Cash 169100 Sale 169100 Cost of Good Sold 91314 Inventory 91314 Mar 17 Cash 72500 Sale 72500 Cost of Good Sold 39150 Inventory 39150 Mar 31 Credit Card Fee Account 8570 Cash 8570
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