Question: Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $26,000 of merchandise, that cost $19,800, on MasterCard credit cards. The net cash receipts from sales are immediately deposited in the seller's bank account. MasterCard charges a 5% fee. 2. Sold $5,600 of merchandise, that cost $3,300, on an assortment of credit cards. Net cash receipts are received 5 days later, and a 4% fee is charged.