Transaction 5 Sales were $68,000. Merchandise was sold for 2 times its purchase

Question

Transaction 5
Sales were $68,000. Merchandise was sold for 2 times its purchase cost. 30% of the sales were for cash. [Note: Record the sales transaction first and the expense transaction second]

Options for Account portion:

Cash

Accounts Recievable

Inventory

Prepaid Rent

Fixtures and Equipment

Accounts Payable

Interest Payable

Wages Payable

Notes Payable

Paid-In Capital

Retained Earnings

Leave Blank

Account: Dollar Amount:

Account: Dollar Amount:

Account: Dollar Amount:

Account: Dollar Amount:

Account: Dollar Amount:

Thank you for your help :)

Explanation / Answer

Hi,

Please find the answer as follows;

Thanks.

Account: Cash Dollar Amount: 20400 Account: Accounts Receivables Dollar Amount: 47600 Account: Retained Earnings Dollar Amount: 68000 Account: Inventory Dollar Amount: -34000 Account: Retained Earnings Dollar Amount: -34000 Account: Leave Blank Dollar Amount:

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