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Sales were $70,000. Cost of merchandise sold was 55% of its sales price, 75% of the sales were on open account. [Note: Record the complete
Sales were $70,000. Cost of merchandise sold was 55% of its sales price, 75% of the sales were on open account. [Note: Record the complete entry for the sales first and the complete entry for the expenses second] Account: Dollar amount: Cash Accounts Receivable Account: Dollar amount: Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Account: Dollar amount: Dollar amount: Account: Account: Dollar amount: Account: Dollar amount
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