Journalize the entries for the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. (Note: the company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers.)Mar.1Sold merchandise for cash, $30,500. The cost of the merchandise sold was $16,165. 10Sold merchandise on account, $254,300. The cost of the merchandise sold was $134,779. 12Sold merchandise to customers who used MasterCard and VISA, $162,900. The cost of the merchandise sold was $86,337. 17Sold merchandise to customers who used American Express, $72,000. The cost of the merchandise sold was $38,160. 31Paid $7,010, to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales.

The question is based on the concept of Financial Accounting. When sale is made on cash basis then…

Answered: Journalize the entries for the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journalize the entries for the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. (Note: the company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers.)

Mar.	1	Sold merchandise for cash, $30,500. The cost of the merchandise sold was $16,165.
	10	Sold merchandise on account, $254,300. The cost of the merchandise sold was $134,779.
	12	Sold merchandise to customers who used MasterCard and VISA, $162,900. The cost of the merchandise sold was $86,337.
	17	Sold merchandise to customers who used American Express, $72,000. The cost of the merchandise sold was $38,160.
	31	Paid $7,010, to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales.

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