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  3. journalize the entries for the following transacti

Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact...

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Accounting

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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.) Mar 1 10 12 Sold merchandise for cash, $27,700. The cost of the merchandise sold was $14,681. Sold merchandise on account, $250,000. The cost of the merchandiso sold was $132,500. Sold merchandise to customers who used MasterCard and VISA, $161,700. The cost of the merchandise sold was $85,701. Sold merchandise to customers who used American Express, $72,000. The cost of the merchandise sold was $38,160 Paid $8,610, to National Clearing House Credit Co. for service toos for processing MasterCard, VISA, and American Express sales. 17 31

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