Using the perpetual inventory system, journalize the entries for the following selected transactions:
| (a) | Sold merchandise on account, for $12,000. The cost of the merchandise sold was $6,500. |
| (b) | Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300. |
| (c) | Sold merchandise to customers who used American Express, $2,900. The cost of the merchandise sold was $1,700. |
| (d) | Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. |
| (e) | Received $4,325 from American Express Company after a $115 collection fee had been deducted. |
Darshita Changed status to publish February 17, 2020
