1,Sales were $72,000. Cost of merchandise sold was 55% of its sales price. 70% of the sales were on open account. [Note: Record the complete entry for the sales first and the complete entry for the expenses second]

2,Transaction 2 The company quickly acquired $42,000 in inventory, 70% of which was paid for in cash. The rest was acquired on open accounts that were payable after 30 days.