a. Sold merchandise for cash, $45,000. The cost of the merchandise sold was $27,000.
b. Sold merchandise on account, $115,000. The cost of the merchandise sold was $69,000.
c. Sold merchandise to customers who used MasterCard and VISA, $130,000. The cost of the merchandise sold was $78,000.
d. Sold merchandise to customers who used American Express, $100,000. The cost of the merchandise sold was $60,000.
e. Received an invoice from Foley Credit Co. for $9,200, representing a service fee paid for processing MasterCard, VISA, and American Express sales.
Answer:
a.
Cash 45,000
Sales 45,000
Cost of Merchandise Sold 27,000
Merchandise Inventory 27,000
b.
Accounts Receivable 115,000
Sales 115,000
Cost of Merchandise Sold 69,000
Merchandise Inventory 69,000
c.
Cash 130,000
Sales 130,000
Cost of Merchandise Sold 78,000
Merchandise Inventory 78,000
d.
Cash 100,000
Sales 100,000
Cost of Merchandise Sold 60,000
Merchandise Inventory 60,000
e.
Credit Card Expense 9,200
Cash 9,200