udent web seivices at eWeb Slice Gallery eBook Show Me How C

udent web seivices at eWeb Slice Gallery eBook Show Me How Calculator Sales-Related Transactions, Induding the Use of Credit Cards ournalize the entries for the following transactions: a. Sold merchandise for cash, $20,030. The cost of the goods sold was $12,020. (Record the sale first.) b. Sold merchandise on account, $7,870. The cost of the goods sold was $4.720. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and VISA, $113,290. The cost of the goods sold was $67,970.(Reco the sale first.) d. Sold merchandise to customers who used American Express, $53,680. The cost of the goods sold was 532,210·(Record the sale first.) Check My Work 2 more Check My Work uses remaining

Solution

Answer:

(a)

Event

Description

Debit $

Credit $

(a)

Cash

20,030

Sales

20,030

Cost of goods sold

12020

Merchandise Inventory

12020

_________________________________________________

(b)

Event

Description

Debit $

Credit $

(b)

Account recivable

7,870

Sales

7,870

Cost of goods sold

4720

Merchandise Inventory

4720

_______________________________________________

(c)

Event

Description

Debit $

Credit $

(C)

Cash

113,290

Sales

113,290

Cost of goods sold

67970

Merchandise Inventory

67970

______________________________________________

(D)

Event

Description

Debit $

Credit $

(D)

Cash

53,680

Sales

53,680

Cost of goods sold

32210

Merchandise Inventory

32210

Note;

As in the question only details for sells and cost are given so entry made accordingly and no details about credit card Expanses were Given

Event	Description	Debit $	Credit $
(a)	Cash	20,030
	Sales		20,030
	Cost of goods sold	12020
	Merchandise Inventory		12020