Sales were $60,000. Merchandise was sold for 2.5 times its purchase cost, 65% of

Question

Sales were $60,000. Merchandise was sold for 2.5 times its purchase cost, 65% of the sales were on open account. [Note: Record the complete entry for the sales first and the complete entry for the expenses second] Account: Dollar amount: Account: Accunts Receivable Account:Fixctures and Equipment Account: Dollar amount: Prepaid Rent Dollar amount: Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Dollar amount: Account: Dollar amount: Account: Retained Earnings Dollar amount: Leave Blank Submit Answer Tries 0/5

Explanation / Answer

Cash 21000 =60000*35% Accounts Receivable 39000 =60000*65% Sales revenue 60000 Cost of goods sold 24000 =60000/2.5 Inventory 24000

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.