Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sales were $70,000. cost of merchandise sold was 6

Sales were $70,000. Cost of merchandise sold was 65% of sales. 70% of sales were...

90.2K

Verified Solution

Question

Accounting

Sales were $70,000. Cost of merchandise sold was 65% of sales. 70% of sales were on open account. some/all of these answers are wrong

image

Sales were $70,000. Cost of merchandise sold was 65% of sales. 70% of sales were on open account. (Note: Record the complete entry for the sales first and the complete entry for the expenses second] Account: Cash Dollar amount: 21000 Account: Accounts Receivable Dollar amount: 49000 Account: Retained Earnings Dollar amount: -70000 Account: Inventory Dollar amount: -45500 Account: Retained Earnings Dollar amount: 45500 Account: Leave Blank Dollar amount: Foil1=Leave%20Blank

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students