Sales were $66,000. Cost of merchandise sold was 60% of its sales price. 35% of

Question

Sales were $66,000. Cost of merchandise sold was 60% of its sales price. 35% of the sales were for cash. [Note: Record the complete entry for the sales first and the complete entry for the expenses second](choose an option for the account and answer the dollar amount based on the account

1) Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid-in capital     L) Retained Earning   M) Leave Blank   

2)Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid-in capital     L) Retained Earning   M) Leave Blank          

3)Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid-in capital     L) Retained Earning   M) Leave Blank    

4)Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid-in capital     L) Retained Earning   M) Leave Blank                                                        

5)Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid-in capital     L) Retained Earning   M) Leave Blank                                                        

Explanation / Answer

General Journal Debit Credit Cash $23100 Account Receivable $42900        Sales Revenue $66000 Cost of Goods sold $39600       Inventory $39600

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