Question

iscou the ttS und alance June Dam ows 5.00 dit Name: Class: Date: Unit II Accounting / 12. Journalize the following transactions for the Evans Company. Assume the company uses a perpetual inventory system. (a) (b) Sold merchandise for $645. The cost of merchandise sold was $375. Sold merchandise for $432 and accepted VISA as the form of payment. The cost of merchandise sold was $195. Sold merchandise on account for $670. The cost of merchandise sold was $438. Paid credit card fees for the month of $85. (c) (d) Journal Description Date Debit Credit

Answer 1

Sr.No.	Account Title	Debit	Credit
a	Cash	$645
	Sales		$645
	(To record sales of merchandise)
a	Cost of Merchandise Sold	$375
	Merchandise Inventory		$375
	(To record cost of merchandise sold)
b	Cash	$432
	Sales		$432
	(To record sales of merchandise)
b	Cost of Merchandise Sold	$195
	Merchandise Inventory		$195
	(To record cost of merchandise sold)
c	Accounts Receivable	$670
	Sales		$670
	(To record sales of merchandise)
c	Cost of Merchandise Sold	$438
	Merchandise Inventory		$438
	(To record cost of merchandise sold)
d	Visa Card Expense	$85
	Cash		$85
	(To record service fees paid for processing of visa card transactions)