Transaction 5 Sales were $72,000. Cost of merchandise sold was 60% of its sales

Question

Transaction 5

Sales were $72,000. Cost of merchandise sold was 60% of its sales price. 20% of the sales were for cash. [Note: Record the sales transaction first and the expense transaction second]

Account:             Dollar amount:   

Account:             Dollar amount:   

Account:             Dollar amount:   

Account:             Dollar amount:   

Account:             Dollar amount:   

Account:             Dollar amount:

For account parts, you should choose from options below:

Cash,
Accounts Receivable,
Inventory,
Prepaid Rent,
Fixtures and equipments,
Accounts Payable,
Interest Payable,
Wages Payable,
Notes Payable,
Paid-in Capital,
Retained Earnings,
Leave Bank

Explanation / Answer

Account: Cash   Dollar amount:    14,400

Account: Accounts Receivable   Dollar amount: 57,600

Account: Retained Earnings   Dollar amount: 72,000

Account: Inventory   Dollar amount: -43,200

Account: Retained Earnings   Dollar amount: - 43,200

Account:             Dollar amount:

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