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Prepare journal entries for each of transactions described

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Credit card and debit card transactions

On January 15, Tundra Co. sold merchandise to customers for cash of $42,000 (cost $28,500). Merchandise costing $10,500 was sold to customers for $15,800 on January 17; terms 2/10, n/30. Sales totaling $296,000 (cost $198,000) were recorded on January 20 to customers using MasterCard; assume the credit card charges a 2% fee. On January 25, sales of $72,000 (cost $48,200) were made to debit card customers. The bank charges Tundra a flat fee of 0.5% on all debit card transactions.

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Question 1: Prepare journal entries for each of the transactions described (assume a perpetual inventory system).

Reference no: EM132568465

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