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Rite Shoes was involved in the transactions described below. Purchased $9,700 of inventory on account. Paid weekly salaries, $1,070. Recorded sales for the first week:
Rite Shoes was involved in the transactions described below. Purchased $9,700 of inventory on account. Paid weekly salaries, $1,070. Recorded sales for the first week: Cash: $8,600; On account: $6,800. Paid for inventory purchased in event (1). Placed an order for $7,700 of inventory. Required: Prepare the appropriate journal entry for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field
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