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Suppose your company sells goods for $$380,$ of which $$240$ is received in cash and $$140$ is on account. The goods cost your company $$141$ and were paid for in a previous period. Your company also recorded salaries and wages of $$110,$ of which only $$38$ has been paid in cash.

Required:

Prepare the journal entries to record these transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

A

B

Record the sales revenue of $$240$ for cash and $$140$ on account and record the cost of goods sold of $$141$ using one journal entry.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,,,]]$

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