Transaction 5 Sales were $62,000. Merchandise was sold for 1.5 times its purchas

Question

Transaction 5
Sales were $62,000. Merchandise was sold for 1.5 times its purchase cost. 65% of the sales were on open account. [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:

Explanation / Answer

ACCOUNT TILTLE DEBIT CREDIT CASH ($62000 * 35%) 21700 ACCOUNTS RECEIVABLE ($62000 * 65%) 40300 COST OF GOODS SOLD ($62000 * 1/1.5) 41333 INVENTORY 41333 SALES REVENUE 62000

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