Prepare journal entries for the following credit card sales
transactions (the company uses the perpetual inventory system).
Sold $28,000 of merchandise, which cost $21,400, on Mastercard
credit cards. Mastercard charges a 5% fee. Sold $5,800 of
merchandise, which cost $3,400, on an assortment of bank credit
cards. These cards charge a 4% fee.
1. Sold $28,000 of merchandise on Mastercard credit cards.
Mastercard charges a 5% fee.
2. Record the cost of the sale, $21,400.
3. Sold $5,800 of merchandise...