Transaction 5 Sales were $72,000. Cost of merchandise sold was 75% of sales. 40% of sales...

Transaction 5

Sales were $72,000. Cost of merchandise sold was 75% of sales. 40% of sales were for cash. [Note: Record the complete entry for the sales first and the complete entry for the expenses second]

Account: Dollar amount:

Expert Solution


Journal Entries
Transaction	Account Title	Debit	Credit

1 for Sale	Account Receiable (60% 0f $ 72,000)	$43,200
	Cash ($ 72,000 X 40%)	$28,800
	Sales Revenue		$72,000


2 for Cost	Cost of Goods Sold ($ 72,000 X 75%)	$54,000
	Inventory		$54,000



	Account Receiable	$43,200	Debit
	Cash	$28,800	Debit
	Sales Revenue	$72,000	Credit
	Cost of Goods Sold	$54,000	Debit
	Inventory	$54,000	Credit

ekkarill92 answered 2 years ago

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