1. Sales-Related Transactions, Including the Use of CreditCards

   Journalize the entries for the following transactions:

   a. Sold merchandise for cash, $116,300. The Thecost that is reported as an expense when merchandise is sold.costof the merchandise sold was $72,000. (Record the sale first.)

   	Accounts Receivable Cash Credit Card Expense Sales Sales Discounts
   	Accounts Receivable Cash Cost of Merchandise Sold Sales Sales Discounts
   	Accounts Receivable Cost of Merchandise Sold Cash Merchandise Inventory Sales
   	Accounts Receivable Cash Cost of Merchandise Sold Merchandise Inventory Sales Discounts

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   b. Sold merchandise on account, $755,000. Thecost of the merchandise sold was $400,000. (Record the salefirst.)

   	Accounts Receivable Accounts Payable Merchandise Inventory Sales Sales Discounts
   	Accounts Receivable Cash Cost of Merchandise Sold Sales Sales Discounts
   	Accounts Payable Cash Cost of Merchandise Sold Sales Merchandise Inventory
   	Accounts Receivable Cash Cost of Merchandise Sold Sales Discounts Merchandise Inventory

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   c. Sold merchandise to customers who usedMasterCard and VISA, $1,950,000. The cost of the merchandise soldwas $1,250,000. (Record the sale first.)

   	Accounts Receivable Accounts Payable Cash Credit Card Expense Sales
   	Accounts Payable Cash Credit Card Expense Sales Sales Discounts
   	Accounts Payable Accounts Receivable Cost of Merchandise Sold Credit Card Expense Merchandise Inventory
   	Accounts Receivable Cash Cost of Merchandise Sold Credit Card Expense Merchandise Inventory

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   d. Sold merchandise to customers who usedAmerican Express, $330,000. The cost of the merchandise sold was$230,000. (Record the sale first.)

   	Accounts Receivable Cash Credit Card Expense Merchandise Inventory Sales
   	Accounts Receivable Cash Cost of Merchandise Sold Sales Sales Discounts
   	Accounts Receivable Cost of Merchandise Sold Credit Card Expense Merchandise Inventory Sales
   	Cash Cost of Merchandise Sold Credit Card Expense Merchandise Inventory Sales Returns and Allowances

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   e. Paid $81,500 to National Clearing HouseCredit Co. for service fees for processing MasterCard, VISA, andAmerican Express sales.

   	Accounts Receivable Cash Cost of Merchandise Sold Credit Card Expense Merchandise Inventory
   	Accounts Receivable Cash Cost of Merchandise Sold Credit Card Expense Merchandise Inventory

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