Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a. Sold merchandise...

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Accounting

Sales-Related Transactions, Including the Use of CreditCards
Journalize the entries for the following transactions:
a. Sold merchandise for cash, $25,000. The costof the goods sold was $17,500. (Record the sale first.)
b. Sold merchandise on account, $98,000. Thecost of the goods sold was $58,800. (Record the sale first.)
c. Sold merchandise to customers who usedMasterCard and VISA, $475,000. The cost of the goods sold was$280,000. (Record the sale first.)
d. Sold merchandise to customers who usedAmerican Express, $63,000. The cost of the goods sold was $39,000.(Record the sale first.)
e. Received and paid an invoice from NationalClearing House Credit Co. for $13,450, representing a service feepaid for processing MasterCard, VISA, and American Expresssales.

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a Sold merchandise for cash 25000 The cost of the goods sold was 17500 Account Titles and Explanation Debit Credit Cash Ac 25000 To Sales Ac 25000 Entry to record the sale Cost of Merchandise Sold Ac 17500 To Merchandise Inventory Ac 17500 Entry to record the cost of goods sold b Sold merchandise on account See Answer

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