Reference no: EM131122720
1. Journalize the entries for the following transactions:
a. Sold merchandise for cash, $18,500. The cost of the merchandise sold was $11,000.
b. Sold merchandise on account, $12,000. The cost of the merchandise sold was $7,200.
c. Sold merchandise to customers who used MasterCard and VISA, $115,200. The cost of the merchandise sold was $70,000.
d. Sold merchandise to customers who used American Express, $45,000. The cost of the merchandise sold was $27,000.
e. Received an invoice from National Credit Co. for $5,600, representing a service fee paid for processing MasterCard, VISA, and American Express sales.
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