Using the perpetual inventory system. (a) Sold merchandise on account, for $12,000, terms n/30. The cost of the merchandise sold was $6,500. (b) Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300. (c) Sold merchandise to customers who used American Express, $2,900. The cost of the merchandise sold was $1,700. (d) Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. (e) Paid a $75 processing fee associated with sales made to customers who used American Express.

Answer and Explanation:

The journal entries are shown below:

a  

Accounts Receivable$12,000

     To   Sales  $12,000

(Being the merchandise is sold on credit)

Cost of Merchandise Sold$6,500  

        To Merchandise Inventory  $6,500

(Being the cost of merchandise is recorded)

b  

Cash$9,500  

        To Sales  $9,500

(Being the  merchandise is sold on credit)

Cost of Merchandise Sold$5,300  

        Merchandise Inventory  $5,300

(Being the cost of merchandise is recorded)

c  

Cash$2,900  

        To Sales  $2,900

(Being the  merchandise is sold on credit)

Cost of Merchandise Sold$1,700  

        Merchandise Inventory  $1,700

(Being the cost of merchandise is recorded)

d  

Credit Card Expense$385  

           To Cash  $385

(Being the cash paid is recorded)

e  

Credit Card Expense$75  

        To Cash  $75

(Being the cash paid is recorded)

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