Solution-Prepare journal entries for the credit card sales

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

1. Sold $22,000 of merchandise, which cost $16,600, on Mastercard credit cards. Mastercard charges a 5% fee.

2. Sold $5,200 of merchandise, which cost $3,100, on an assortment of bank credit cards. These cards charge a 4% fee.

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

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