Mercks uses the perpetual inventory system, and accepts the Discovery bank credit card for credit card sales. Discovery charges Mercks a 3% fee, and all credit card receipts deposited are credited to the company account on the day of deposit. Prepare journal entries to record the following transaction. March 11Sold merchandise for $4,500 (that had cost $2,100) and accepted the customer's Discovery bank card.
What will be an ideal response?
| March 11 | Cash | 4,365 | ? |
| ? | Credit Card Expense | 135 | ? |
| ? | Sales | ? | 4,500 |
| ? | Cost of Goods Sold | 2,100 | ? |
| ? | Merchandise Inventory | ? | 2,100 |
Business
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