Using the perpetual inventory system, journalize the entries for the following selected transactions: a. Sold merchandise on account, for $12,000, terms n/30. The cost of the merchandise sold was $6,500. b. Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300. c. Sold merchandise to customers who used American Express, $2,900. The cost of the merchandise sold was $1,700. d. Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. e. Paid a $75 processing fee associated with sales made to customers who used American Express. If an amount box does not require an entry, leave it blank. a. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 b. fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 c. fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 fill in the blank 35 fill in the blank 36 d. fill in the blank 38 fill in the blank 39 fill in the blank 41 fill in the blank 42 e. fill in the blank 44 fill in the blank 45 fill in the blank 47 fill in the blank 48

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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Using the perpetual inventory system, journalize the entries for the following selected transactions:

a.		Sold merchandise on account, for $12,000, terms n/30. The cost of the merchandise sold was $6,500.
b.		Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300.
c.		Sold merchandise to customers who used American Express, $2,900. The cost of the merchandise sold was $1,700.
d.		Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales.
e.		Paid a $75 processing fee associated with sales made to customers who used American Express.

If an amount box does not require an entry, leave it blank.

a.	fill in the blank 2	fill in the blank 3
	fill in the blank 5	fill in the blank 6
	fill in the blank 8	fill in the blank 9
	fill in the blank 11	fill in the blank 12
b.	fill in the blank 14	fill in the blank 15
	fill in the blank 17	fill in the blank 18
	fill in the blank 20	fill in the blank 21
	fill in the blank 23	fill in the blank 24
c.	fill in the blank 26	fill in the blank 27
	fill in the blank 29	fill in the blank 30
	fill in the blank 32	fill in the blank 33
	fill in the blank 35	fill in the blank 36
d.	fill in the blank 38	fill in the blank 39
	fill in the blank 41	fill in the blank 42
e.	fill in the blank 44	fill in the blank 45
	fill in the blank 47	fill in the blank 48

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