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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 $28,000 of merchandise, which cost $21,400, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,800 of merchandise, which cost $3,400, on an assortment of bank credit cards. These cards charge a 4% fee.

1. Sold $28,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee.

2. Record the cost of the sale, $21,400.

3. Sold $5,800 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee.

4. Record the cost of the sale, $3,400.

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