/ Required information E12-5 Understanding the Computation of Cash Flows from Operating Activities (Indirect Method) [LO 12. The following information applies to the questions displayed below) Suppose your company sells goods for $500, of which $300 is received in cash and $200 is on account. The goods cost your company $165 and were paid for in a previous period. Your company also recorded salaries and wages of $170, of which only $50 has been paid in cash. E12-5 Part 1 Required: 1. Prepare the journal entries to record these transactions. (If no entry is required for a transactic Required in the first account field.) ent, select "No Journal Entry View transaction list Journal entry worksheet Journal entry worksheet A B Record the sales revenue of $300 for cash and $200 on account and record the cost of goods sold of $165 using one journal entry. Note: Enter debits before credits. Transaction General Joumal Debit Credit Complete this question by entering your answers in the tab Required 2L Required 3 Required 4 Calculate the amount that should be reported as net income. Net Income