Prepare journal entries for the following credit card sales transactions (the company uses a perpetual inventory system) Sold $32,000 of merchandise, which cost $24,600, on MasterCard credit cards. MasterCard charges a 5% fee
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Sold $32,000 of merchandise, which cost $24,600, on MasterCard credit cards. MasterCard charges a 5% fee
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- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of $7 per deck to Padma Singh. The cost to Fun Cards is $4 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 2% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $21,000 of merchandise, which cost $15,800, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,100 of merchandise, which cost $3,050, on an assortment of bank credit cards. These cards charge a 4% fee.
- Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. These cards charge a 4% fee.Please use the numbers in my question and place correct solution on journal sheet as rrequested in the assignment please.Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $40,000 of merchandise, which cost $31,000, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $7,000 of merchandise, which cost $4,000, on an assortment of bank credit cards. These cards charge a 4% fee. Journal Entry Worksheet 1.Sold $40,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. 2.Record the cost of the sale, $31,000. 3.Sold $7,000 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. 4.Record the cost of the sale, $4,000.Credit Card Sales 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. 1
- Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $29,000 of merchandise, which cost $22,200, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $5,900 of merchandise, which cost $3,450, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 1 2 3 Transaction 1-a. Sold $29,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits. 4 General Journal Debit CreditRiverbed Retailers accepted $ 31500 of Silver Bank MasterCard credit card charges for merchandise sold on August 1. Silver Bank charges 6% for its credit card use. The entry to record this transaction by Riverbed Retailers will include a credit to Sales Revenue of $31500 and a debit(s) to Cash for $ 31500. Accounts receivable for $ 29610 and Service Charge Expense for $ 5820. Cash for $ 29610 and Service Charge Expense for $ 1890. Accounts Receivable for $ 31500.Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $4,200 (that had cost $3,104) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $3,600 (that had cost $2,333) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 3 4 > Sold merchandise for $4,200 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08
- nces Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,500 (that had cost $6,282) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $9,800 (that had cost $6,350) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. Note: Round your answers to the nearest whole dollar amount. View transaction list View journal entry worksheet i No 1 2 3 4 Date April 08 April 08 April 12 April 12 Cash Credit card expense Sales Cost of goods sold Merchandise inventory Cash Credit card expense Sales Cost of goods sold Merchandise inventory General Journal Debit 8,160 340 6,000 9,555 245 6,350 Credit 8,500 6,000 9,800 6,350 ⒸLevine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $9,800 (that had cost $7,242) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $8,800 (that had cost $5,702) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) Sold merchandise for $9,800 and accepted the customer’s Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $6,700 (that had cost $4,951) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $6,600 (that had cost $4,277) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. Note: Round your answers to the nearest whole dollar amount.