Question: Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).
1. Sold $10,000 of merchandise, that cost $7,500, 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 $3,000 of merchandise, that cost $1,500, on an assortment of credit cards. Net cash receipts are received 7 days later, and a 4% fee is charged.