Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a.  Sold merchandise for cash, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.)     fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3     fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6     fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9     fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12 b.  Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.)     fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3     fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6     fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9     fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12 c.  Sold merchandise to customers who used MasterCard and VISA, $104,980. The cost of the merchandise sold was $62,990. (Record the sale first.)     fill in the blank e4ed72f88fa003c_2 fill in the blank e4ed72f88fa003c_3     fill in the blank e4ed72f88fa003c_5 fill in the blank e4ed72f88fa003c_6     fill in the blank e4ed72f88fa003c_8 fill in the blank e4ed72f88fa003c_9     fill in the blank e4ed72f88fa003c_11 fill in the blank e4ed72f88fa003c_12 d.  Sold merchandise to customers who used American Express, $33,990. The cost of the merchandise sold was $20,390. (Record the sale first.)     fill in the blank 88d820038074fdd_2 fill in the blank 88d820038074fdd_3     fill in the blank 88d820038074fdd_5 fill in the blank 88d820038074fdd_6     fill in the blank 88d820038074fdd_8 fill in the blank 88d820038074fdd_9     fill in the blank 88d820038074fdd_11 fill in the blank 88d820038074fdd_12 e.  Paid $6,840 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales.     fill in the blank 0d145f077ffeffd_2 fill in the blank 0d145f077ffeffd_3     fill in the blank 0d145f077ffeffd_5 fill in the blank 0d145f077ffeffd_6

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Sales-Related Transactions, Including the Use of Credit Cards

Journalize the entries for the following transactions:

a.  Sold merchandise for cash, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.)

    fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3
    fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6
    fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9
    fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12

b.  Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.)

    fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3
    fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6
    fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9
    fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12

c.  Sold merchandise to customers who used MasterCard and VISA, $104,980. The cost of the merchandise sold was $62,990. (Record the sale first.)

    fill in the blank e4ed72f88fa003c_2 fill in the blank e4ed72f88fa003c_3
    fill in the blank e4ed72f88fa003c_5 fill in the blank e4ed72f88fa003c_6
    fill in the blank e4ed72f88fa003c_8 fill in the blank e4ed72f88fa003c_9
    fill in the blank e4ed72f88fa003c_11 fill in the blank e4ed72f88fa003c_12

d.  Sold merchandise to customers who used American Express, $33,990. The cost of the merchandise sold was $20,390. (Record the sale first.)

    fill in the blank 88d820038074fdd_2 fill in the blank 88d820038074fdd_3
    fill in the blank 88d820038074fdd_5 fill in the blank 88d820038074fdd_6
    fill in the blank 88d820038074fdd_8 fill in the blank 88d820038074fdd_9
    fill in the blank 88d820038074fdd_11 fill in the blank 88d820038074fdd_12

e.  Paid $6,840 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales.

    fill in the blank 0d145f077ffeffd_2 fill in the blank 0d145f077ffeffd_3
    fill in the blank 0d145f077ffeffd_5 fill in the blank 0d145f077ffeffd_6
Expert Solution
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Required journal entries are given below:

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