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quick study 7-1 Prepare journal entries for the following credit...

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Accounting

quick study 7-1
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Prepare journal entries for the following credit card sales transactions (the company uses the prepare inventory system). Sold $20,000 of merchandise, that cost $15,000, on MasterCard credit cards. The net cash race from sales are immediately deposited in the seller's bank account. MasterCard charges a 5% fee. Sold $5,000 of merchandise, that cost $3,000, on an assortment of credit cards, Net cash receipts received 5 days later, and a 4% fee is charged

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