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Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. ) A. Sold merchandise for cash, $30,500. The cost of the goods sold was $16,165. B. Sold merchandise on account, $254,300. The cost of the merchandise sold was $134,779. C. Sold merchandise to customers who used MasterCard and VISA, $162,900. The cost of the merchandise sold was $86,337. D. Sold merchandise to customers who used American Express, $72,000. The cost of the merchandise sold was $38,160. E. Received and paid an invoice from National Clearing House Credit Co. for $7,010, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

Instructions Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. ) A. Sold merchandise for cash, $30,500. The cost of the goods sold was $16,165. B. Sold merchandise on account, $254,300. The cost of the merchandise sold was $134,779 C. Sold merchandise to customers who used MasterCard and VISA, $162,900. The cost of the merchandise sold was $86,337. D. Sold merchandise to customers who used American Express, $72,000. The cost of the merchandise sold was $38,160. E. Received and paid an invoice from National Clearing House Credit Co. for $7,010, representing a service fee paid for processing MasterCard, VISA, and American Express sales

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