| I can't seem to figure out how to journalize some information using the Perpetual inventory method. Here is the information.
a) Sold merchandise on account, for $10,000. The cost of the merchandise sold was $4,500.
Dr. AR 10,000
Cr. Sales 10,000
Dr. Cost of Good Sold 4,500
Cr. Inventory 4,500
b) Sold merchandise to customers who used MasterCard and VISA, $8,500. The cost of the merchandise sold was $4,100.
Dr. AR 8,500
Cr. Sales 8,500
Dr. Cost of Good Sold 4,100
Cr. Inventory 4,100
c) Sold merchandise to customers who used American Express, $3,500. The cost of the merchandise sold was $1,600.
Dr. AR – American Express 3,500
Cr. Sales 3,500
Dr. Cost of Good Sold 1,600
Cr. Inventory 1,600
d) Paid and invoice from First National Bank for $255, representing a service fee for processing MasterCard and VISA sales.
Dr. Credit Card Processing Expense (or an equivalent name, as long as it is an expense) 255
Cr. Cash 255
e) Received $3,325 from American Express Company after a $175 collection fee had been deducted.
Dr. Cash 3,325
Dr. Credit Card Processing Expense 175
Cr. AR – American Express 3,500
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