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Sales were $78,000. Cost of merchandise sold was 70% of sales. 75% of sales were on open account. [ Note: Record the complete sales entry

Sales were $78,000. Cost of merchandise sold was 70% of sales. 75% of sales were on open account. [Note: Record the complete sales entry first, and the complete expense entry second.]

Account: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount:

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