Transaction 5: Sales were $80,000. Cost of merchandise sold was 55% of its sales

ID: 2413592 • Letter: T

Question

Transaction 5:

Sales were $80,000. Cost of merchandise sold was 55% of its sales price. 30% of the sales were for cash. [Note: Record the complete entry for the sales first and the complete entry for the expenses 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

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Need answers to:

Account: ? Dollar Amount: ?

Explanation / Answer

1 Accounts receivable 56000 Cash 24000 Sales revenue 80000 2 Cost of goods sold 44000 (80000*55%) Merchandise inventory 44000

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Transaction 5 Sales were $72,000. Cost of merchandise sold was 60% of its sales

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Transaction 5: Sales were $80,000. Cost of merchandise sold was 55% of its sales

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Explanation / Answer

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