[Metroid101]

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.

[CaptainForest]

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