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Homework answers / question archive / Show Me How Mes-Related Transactions, Including the use of Credit Cards urnalize the entries for the following transactions:
Show Me How Mes-Related Transactions, Including the use of Credit Cards urnalize the entries for the following transactions: .. Sold merchandise for cash, $25,060. The cost of the goods sold was $15,040. (Record the sale first.) b. Sold merchandise on account, $14,350. The cost of the goods sold was $8,610. (Record the sale first.) 11 c. Sold merchandise to customers who used MasterCard and VISA, $119,240. The cost of the goods sold was $71,540. (Record the sale first.) O OT DOMOO O OOO d. Sold merchandise to customers who used American Express, $54,280. The cost of the goods sold was $32,570. (Record the sale first.) v e. Received and paid an involce from National Clearing House Credit Co. for $7,770, representing a service fee paid for processing MasterCard, VISA, and American Express Sales
| Requirement a: | ||
| Cash a/c Dr | $25,060 | |
| To Sales a/c | $25,060 | |
| [To record the sale of merchandise on cash] | ||
| Cost of Goods Sold a/c Dr | $15,040 | |
| To Merchandise Inventory a/c | $15,040 | |
| [To record cost of goods sold] | ||
| Requirement b: | ||
| Accounts Receivable a/c Dr | $14,350 | |
| To Sales a/c | $14,350 | |
| [To record the sale of merchandise on account] | ||
| Cost of Goods Sold a/c Dr | $8,610 | |
| To Merchandise Inventory a/c | $8,610 | |
| [To record cost of goods sold] | ||
| Requirement c: | ||
| Bank a/c Dr | $119,240 | |
| To Sales a/c | $119,240 | |
| [To record the sale of merchandise through Master & Visa Cards] | ||
| Cost of Goods Sold a/c Dr | $71,540 | |
| To Merchandise Inventory a/c | $71,540 | |
| [To record cost of goods sold] | ||
| Requirement d: | ||
| Bank a/c Dr | $54,280 | |
| To Sales a/c | $54,280 | |
| [To record the sale of merchandise through American Express Card] | ||
| Cost of Goods Sold a/c Dr | $32,570 | |
| To Merchandise Inventory a/c | $32,570 | |
| [To record cost of goods sold] | ||
| Requirement e: | ||
| Credit Card Service fee a/c Dr | $7,770 | |
| To Cash a/c |
