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journalize the entries for the following transactions. Refer to the chart of accounts for exact wording of account titles. (Non as well as non-bank credit cards used by its customers.) Mar 1 Sold merchandise for cash, $116300. The cost of the merchandise sold was $72000. Mar 10 Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000. Mar 12 Sold merchandise to customers who used MasterCard and Visa, $1,950,000. The cost of the merchandise sold was $1,250,000. Mar 17 Sold merchandise to customers who used American Express, $330,000. The cost of the merchandise sold was $230,000. Mar 31 Paid $81,500 to National Clearing House Credit Co. for service fees for processing MasterCard, Visa

Determining amounts to be paid on invoices

Determine the amounts to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.

Merchandise freight paid by seller. a. $14,000 - FOB destination, n/30 b. $9900 - FOB shipping point, 2/10, n/30 c. $8500 - FOB shipping point, 2/10, n/30 d. $4600 - FOB shipping point, 2/10, n/30 e. $2800 - FOB destination, 1/10, n/30

Returns and Allowances a. $700 b. $1200 c. $800 d. $600 e. -

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