Accounts Receivable Assets Cash Merchandise Inventory $ 88,400 Liabilities and Shareholders' Equity Accounts Payable $ 66,200 54,500 Note Payable 10,000 136,300 Salaries Payable 2,500 Prepaid Insurance 800 Total Current Liabilities $78,700 Total Current Assets $280,000 Total Liabilities $ 78,700 Land 252,000 Common Stock 300,000 Total Noncurrent Assets $252,000 Retained Earnings 153,300 Total Shareholders' Equity $453,300 Total Liabilities and Shareholders' Total Assets 1. $532,000 Equity $532,000 glish (United States During October, the company had several transactions. Prepare journal entries for the transactions below and post them to the t-accounts. a. Sold merchandise with an original cost of $73,000 on account for a total selling price of $170,000. DR 170,000 CR DR CR Inventory