e https://newconnect.mheducation.com/flow/connect.html r Re-Take Test Chapter 5
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Question
e https://newconnect.mheducation.com/flow/connect.html r Re-Take Test Chapter 5 n Maru Calderon Calde n Maru Calderon rs 7, 8 and 9 6 Maru Calderon D New Tab Saved Help Save & Exit Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $24,000 of merchandise, that cost $18,200, on MasterCard credit cards. MasterCard charges a 5% fee. 2. Sold $5,400 of merchandise, that cost $3.200, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 4 Sold $24,000 of merchandise on MasterCard credit cards. MasterCard charges a 5% fee.Explanation / Answer
Answer
Journal Entry
General Journal
Debit
Credit
Working
1
Cash
$ 22,800.00
[24000 x 95%]
Credit Card expenses/charges
$ 1,200.00
[24000 x 5%]
Sales Revenue
$ 24,000.00
[24000 x 100%]
2
Cost of Goods Sold
$ 18,200.00
Inventory
$ 18,200.00
3
Cash
$ 5,184.00
[5400 x 96%]
Credit Card expenses/charges
$ 216.00
[5400 x 4%]
Sales Revenue
$ 5,400.00
[5400 x 100%]
4
Cost of Goods Sold
$ 3,200.00
Inventory
$ 3,200.00
Journal Entry
General Journal
Debit
Credit
Working
1
Cash
$ 22,800.00
[24000 x 95%]
Credit Card expenses/charges
$ 1,200.00
[24000 x 5%]
Sales Revenue
$ 24,000.00
[24000 x 100%]
2
Cost of Goods Sold
$ 18,200.00
Inventory
$ 18,200.00
3
Cash
$ 5,184.00
[5400 x 96%]
Credit Card expenses/charges
$ 216.00
[5400 x 4%]
Sales Revenue
$ 5,400.00
[5400 x 100%]
4
Cost of Goods Sold
$ 3,200.00
Inventory
$ 3,200.00
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