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Prepare journal entries for credit card sales transactions

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Reference no: EM131604164

Question - Credit card sales

Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).

1. Sold $32,000 of merchandise, that cost $24,600, on MasterCard credit cards. MasterCard charges a 5% fee.

2. Sold $6,200 of merchandise, that cost $3,600, on an assortment of bank credit cards. These cards charge a 4% fee.

Reference no: EM131604164

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