Journalize the entries for the following transactions. Refer to the Chart of Acc
ID: 2556323 • Letter: J
Question
Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. )
(it go's to 18)
A. Sold merchandise for cash, $27,700. The cost of the goods sold was $14,681. B. Sold merchandise on account, $250,000. The cost of the merchandise sold was $132,500. C. Sold merchandise to customers who used MasterCard and VISA, $161,700. The cost of the merchandise sold was $85,701. D. Sold merchandise to customers who used American Express, $72,000. The cost of the merchandise sold was $38,160. E. Received and paid an invoice from National Clearing House Credit Co. for $8,610, representing a service fee paid for processing MasterCard, VISA, and American Express sales. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITYExplanation / Answer
S.No. Date Discription Post.Ref. Debit Credit Asset Liability Equity 1. A Cash $27,700 27700 2 Sales $27,700 27700 3 A Cost of Merchandise Sold $14,681 -14681 4 Merchandise Inventory $14,681 -14681 5 B Accounts Receivable $250,000 250000 6 Sales $250,000 250000 7 B Cost of Merchandise Sold $132,500 -132500 8 Merchandise Inventory $132,500 -132500 9 C Cash $161,700 161700 10 Sales $161,700 161700 11 C Cost of Merchandise Sold $85,701 -85701 12 Merchandise Inventory $85,701 -85701 13 D Cash $72,000 72000 14 Sales $72,000 72000 15 E Cost of Merchandise Sold $38,160 -38160 16 Merchandise Inventory $38,160 -38160 17 F Credit Card Expense $8,610 -8610 18 Cash $8,610 -8610
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