M5-6 (Algo) Recording Sales and Cost of Goods Sold and Issuance of Stock L05-3 Prepare journal entries for each transaction listed below. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) a Sales on account were $700 and related cost of goods sold was $400. b. Issued 6,000 shares of $1 par value stock for $90,000 cash. View transaction list Journal entry worksheet 2 3 Record the sales on account of $700. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal