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Prepare journal entries for credit card sales transactions

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Reference no: EM133179079

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

1. Sold $21,000 of merchandise, which cost $15,800, on Mastercard credit cards. Mastercard charges a 5% fee.

2. Sold $5,100 of merchandise, which cost $3,050, on an assortment of bank credit cards. These cards charge a 4% fee.

Reference no: EM133179079

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