Using the perpetual inventory system, journalize the entries for the following s

Question

Using the perpetual inventory system, journalize the entries for the following selected transactions: Sold merchandise on account, for $12 ,000, terms n/30. The cost of the merchandise sold was $6,500. The cost of the Sold merchandise to customers who used MasterCard and VISA, $9,500. merchandise sold was $5,300. merchandise to customers who used American Express, $2,900. The cost of the merchandise (c) Sola sold was $1,700. Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. (e) Paid a $75 processing fee associated with sales made to customers who used American Express.

Explanation / Answer

a Accounts Receivable 12000          Sales 12000 Cost of Merchandise Sold 6500          Merchandise Inventory 6500 b Cash 9500          Sales 9500 Cost of Merchandise Sold 5300          Merchandise Inventory 5300 c Cash 2900          Sales 2900 Cost of Merchandise Sold 1700          Merchandise Inventory 1700 d Credit Card Expense 385          Cash 385 e Credit Card Expense 75          Cash 75

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