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On January 15, Tundra Co. sold merchandise to customers for cash of $44,000 (cost $29,900). Merchandise costing $11,100 was sold to customers for $16,600 on January 17; terms 2/10, n/30. Sales totalling $313,000 (cost $210,000) were recorded on January 20 to customers using MasterCard; assume the credit card charges a 2% fee. On January 25, sales of $76,400 (cost $51,200) were made to debit card customers. The bank charges Tundra a flat fee of 0.5% on all debit card transactions.
Required:
Problem a: Prepare journal entries for each of the transactions described (assume a perpetual inventory system).
1 Record the sale of merchandise to cash customers. 2 Record the cost of sales. 3 Record the sale of merchandise on terms 2/10, n/30. 4 Record the cost of sales. 5 Record the sale of merchandise less credit card expense. 6 Record the cost of sales. 7 Record the sale of merchandise less debit card expense. 8 Record the cost of sales.
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