x\\(DACCT1010 Lolc Student: Home- xYM Inbox (1925)-b ×y https://newconnect.mhedu
ID: 2522435 • Letter: X
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x(DACCT1010 Lolc Student: Home- xYM Inbox (1925)-b ×y https://newconnect.mheducation.com flow connect.html isReg: true&returnUrl;: https%3A%2F%2Fconnect.mheducation.com%2Fpaamweb%2F connect Q Financial Accoun × a A Machine Origi, x × 10 6 Saved Help Save & Ex Pre ournal entries for the following credit card sales transactions (the company uses the perpetual inventory system) 1. Sold $30,000 of merchandise, that cost $23,000, on MasterCard credit cards MasterCard charges a 5% fee. 2 sold $6,000 of merchandise, that cost $3,500, on an assortment of bank credit cards These cards charge a 4% fee. View transaction list Journal entry worksheet Sold $30,000 of merchandise on MasterCard credit cards. MasterCard charges a 5% fee. Note: Enter debits before credits General Journal Debit Credit Transaction -a Credit card expense ales View general journal Clear entry Record entryExplanation / Answer
CALCULATION OF THE CREDIT CARD EXPENSES Credit Card Expenses of transaction 1 = $ 30,000 X 5% = $ 1,500 Credit Card Expenses of transaction 2 = $ 6,000 X 4% = $ 240 Journal Entries Date Account Title and explanation Debit Credit 1) Cash $ 28,500 Credit Card Expenses $ 1,500 To Sales $ 30,000 (To Record the sales with credit card) Cost of Goods Sold $ 23,000 2) To Inventory $ 23,000 (To Record the Cost of Goods Sold) 3) Cash $ 5,760 Credit Card Expenses $ 240 To Sales $ 6,000 (To Record the sales with credit card) 4) Cost of Goods Sold $ 3,500 To Inventory $ 3,500 (To Record the Cost of Goods Sold)
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