Suppose your company sells goods for $430, of which $290 Is recelved In cosh and

Question

Suppose your company sells goods for $430, of which $290 Is recelved In cosh and $190 Is on account. The goods cost your company $161 and were paid for In a previous perlod. Your compony also recorded salarles and wages of $160. of which only $48 has been pald in cash Required informasion 10.00 points Required 1. Prepare the joumal 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 transacbon list Journal entry worksheet Racord the sales rovanue of $290 for cash and $190 on account and racord the cost of goads sold of $161 using one journal entry. Note: Enter debits before credits ransactio General Journal DebitCredit Record entry Clear entry View general journal

Explanation / Answer

1. Journal entry :

2. Amount reported in net cash flow from operating activity :

3. Calculate net income :

4.Show indirect method :

Date accounts & explanation debit credit Account receivable a/c 190 Cash a/c 290 Sales revenue a/c 480 Cost of goods sold a/c 161 Merchandise inventory a/c 161 (To record sale revenue & cost of goods sold)

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