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Prepare journal entries for the following credit card

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Reference no: EM13903077

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

1. Sold $ 20,000 of merchandise that cost $ 15,000, on MasterCard credit cards. The net cash receipts from sales are immediately deposited in the seller's bank account. MasterCard charges a 5% fee. 

2. Sold $ 5,000 of merchandise that cost $ 3,000, on an assortment of credit cards. Net cash receipts are received 5 days later, and a 4% fee is charged. 

Reference no: EM13903077

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