Question - Credit card sales
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).
1. Sold $32,000 of merchandise, that cost $24,600, on MasterCard credit cards. MasterCard charges a 5% fee.
2. Sold $6,200 of merchandise, that cost $3,600, on an assortment of bank credit cards. These cards charge a 4% fee.