Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. (Record the sale first.)
b. Sold merchandise on account, $98,000. The cost of the goods sold was $58,800. (Record the sale first.)
c. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. (Record the sale first.)
d. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000. (Record the sale first.)
e. Received and paid an invoice from National Clearing House Credit Co. for $13,450, representing a service fee paid for processing MasterCard, VISA, and American Express sales.
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Walking through the grocery store, ramon sees a "buy 2, get 1 free" deal on laundry detergent. even though he currently has plenty of detergent he decides to take home all three bottles. ramon's decision seems to have been based mostly on his immediate need for the detergent the low price of alternative brands the limited income he presently earns the sale price offered for the detergent
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Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the followi...
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