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Prepare journal entries for each of transactions described

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On January 15, Tundra Co. sold merchandise to customers for cash of $51,000 (cost $34,800). Merchandise costing $13,200 was sold to customers for $19,400 on January 17; terms 2/10, n/30. Sales totalling $372,500 (cost $252,000) were recorded on January 20 to customers using MasterCard; assume the credit card charges a 2% fee. On January 25, sales of $91,800 (cost $61,700) were made to debit card customers. The bank charges Tundra a flat fee of 0.5% on all debit card transactions.

Required:

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

Reference no: EM132838127

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