Suppose your company sells goods for $470, of which $285 is received in cash and

Question

Suppose your company sells goods for $470, of which $285 is received in cash and $185 is on account. The goods cost your company $159 and were paid for in a previous period. Your company also recorded salaries and wages of $155, of which only $47 has been paid in cash. value 1.00 points 1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the sales revenue of $285 for cash and $185 on account and record the cost of goods sold of $159 using one journal entry. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

1) Journal entry :

2) Cash flow from operating activities = 285-47 = 238

3) Net income = 470-159-155 = 156

4)

Date account and explanation debit credit Account receivable 185 Cash 285 Sales revenue 470 (To record sales) Cost of goods sold 159 Merchandise inventory 159 (TO record cost of goods sold)

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