Metroid101
Feb 23, 2006, 02:20 PM
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.
b) Sold merchandise to customers who used MasterCard and VISA, $8,500. The cost of the
Merchandise sold was $4,100.
c) Sold merchandise to customers who used American Express, $3,500. The cost of the
Merchandise sold was $1,600.
d) Paid and invoice from First National Bank for $255, representing a service fee for processing
MasterCard and VISA sales.
e) Received $3,325 from American Express Company after a $175 collection fee had been deducted.
a) Sold merchandise on account, for $10,000. The cost of the merchandise sold was $4,500.
b) Sold merchandise to customers who used MasterCard and VISA, $8,500. The cost of the
Merchandise sold was $4,100.
c) Sold merchandise to customers who used American Express, $3,500. The cost of the
Merchandise sold was $1,600.
d) Paid and invoice from First National Bank for $255, representing a service fee for processing
MasterCard and VISA sales.
e) Received $3,325 from American Express Company after a $175 collection fee had been deducted.