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

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Dr Cr Cash Dr = 66000*.35               23,100.00 Accounts receivables = 66000 * .65               42,900.00 To Sales               66,000.00 Cost of goods sold DR= 66000*.60               39,600.00 To Inventory Account = 66000 *.60               39,600.00

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