Suppose your company sells goods for $360, of which $230 is received in cash and $130 is on account. The goods cost your company $137 and were paid for in a previous period. Your company also recorded salaries and wages of $100, of which only $36 has been paid in cash.

Journal entry worksheet

• Record the sales revenue of $230 for cash and $130 on account and record the cost of goods sold of $137 using one journal entry.
• Record the salaries and wages expense of $100.