Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac

Exercise 70

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, $258,000. The cost of the merchandise sold was $154,800.
c. Sold merchandise to customers who used MasterCard and VISA, $160,000. The cost of the merchandise sold was $96,000.
d. Sold merchandise to customers who used American Express, $72,000. The cost of the merchandise sold was $43,200.
e. Received an invoice from National Clearing House Credit Co. for $8,800, representing a service fee paid for processing MasterCard, VISA, and American Express sales.