Transaction 5 Sales were $62,000. Cost of merchandise sold was 65% of its sales

Question

Transaction 5 Sales were $62,000. Cost of merchandise sold was 65% of its sales price. 25% of the sales were for cash. [Note: Record the complete entry for the sales first and the complete entry for the expeneee eerondl Account: Cash Account: Inventory Account: Fixtures and Equipment Account: Interest Payable Account: Notes Payable Account: Retained Earnings Dollar amount: 15500 Dollar amount 21700 Dollar amount: 40300 Dollar amount: 40300 Dollar amount: Dollar amount: Fo11-Leave%20Bank Accounts Receivable Prepaid Rent Accounts Payable Wages Payable Paid-in Capital Leave Blank Submit Answer Some items were not submitted. Tries o/5 Previous Tries

Explanation / Answer

Account Amount Cash 15500 Accounts Receivable 46500 Sales revenue 62000 Cost of goods sold 40300 Inventory -40300

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