Question

Journalism the entries for the following transactions:

A. Sold merchandise for cash , 19489. The cost of the goods sold was 11,690. ( record the sale first)

B. Sold merchandise on account 13320, the cost of the goods sold was 7,990.( récord the sale first)

C. Sold merchandise to customers who used MasterCard and visa , $120,950. The cost of the goods sold 72,570. ( record the sale first)

D. Sold merchandise to customers who used American Express 40,360 . The cost of the goods sold was 24,220.( récord the sale first)

E. Received and paid an invoice from national clearing house credit Co. for 6049, representing a service fee paid for processing MasterCard , visa, and American Express sales

Answer 1

(a)

Cash                A/c                  Dr                                $ 19489

To Sales           A/c      Cr                                                $ 19489

Cost of Merchandise Sold      A/c      Dr                    $ 11690

Merchandise Inventory           A/c      Cr                                        $ 11690

(b)

Accounts Receivable A/c                  Dr                    $ 13320

To Sales           A/c                  Cr                                      $ 13320

Cost of Merchandise Sold      A/c      Dr                    $ 7990

Merchandise Inventory           A/c      Cr                                    $ 7990

(c)

Cash                A/c                  Dr                                $ 120950

To Sales           A/c      Cr                                                  $ 120950

Cost of Merchandise Sold      A/c      Dr                    $ 72570

Merchandise Inventory           A/c      Cr                                          $ 72570

(d)

Cash                A/c                  Dr                                $ 40360

To Sales           A/c      Cr                                                 $ 40360

Cost of Merchandise Sold      A/c      Dr                    $ 24220

Merchandise Inventory           A/c      Cr                                    $ 24220

(e)

Credit Card Expense              A/c      Dr                    $ 6049

To Cash A/c                            Cr                                      $ 6049