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Question
Using the perpetual inventory system, journalize the entries for the following selected transactions:
(a) Sold merchandise on account, for $12,000, terms n/30. The cost of the merchandise sold was $6,500.
(b) Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300.
(c) Sold merchandise to customers who used American Express, $2,900. The cost of the merchandise sold was $1,700.
(d) 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.
Answer
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