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Prepare journal entries for the following credit card sales transactions (the company uses the perpetual...

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Accounting

Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge a 4% fee.

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