Problem - Sales-related transactions

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Problem - Sales-related transactions, including the use of credit cards - Journalize the entries for the following transactions:

a. Sold merchandise for cash, $30,000. The cost of the merchandise sold was $18,000.

b. Sold merchandise on account, $120,000. The cost of the merchandise sold was $72,000.

c. Sold merchandise to customers who used MasterCard and VISA, $100,000. The cost of the merchandise sold was $70,000.

d. Sold merchandise to customers who used American Express, $45,000. The cost of the merchandise sold was $27,000.

e. Received an invoice from National Credit Co. for $9,000, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

Reference no: EM132876962

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