A B D Name: Select General Ledger Accounts Merchandising Firm Entrywork - Perpetual System Inventory Make the following Journal Entries and post to the accounts to the right: 1) Bought 100 small widgets from XYZ Company on account -cost was S8 each Cost of Goods Sold 2) Bought 80 large widgets from XYZ Company on account - cost was $12 cach. 3) Sold 10 large widgets for $20 each for cash Sales 41 Sold 20 small widgets for $14 each on account to M. Smith Sheet1 Type here to search o O RI BED > * hip 5. 16 W ER TY $ - % Formatting Copy Ford Cipboard BU - - - A- . Font Alignment Number X A. A H B c. D Sales 4) Sold 20 small widgets for $14 each on account to Mr. Smith Accts Receivable 5) Paid off the amount owed to XYZ Company Accts. Payable 6) Collected the amount owed by Mr. Smith 3 What was the gross profit on the above two sales? 4 5 Sheet1 Type here to search o O = CH 2 5 8