Transaction 2 The company quickly acquired $36,000 in inventory, 60% of which was acquired on open accounts that were payable after 30 days. The rest was paid for in cash. Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Submit Answer Incorrect. Tries 1/5 Previous Tries Transaction 5 Sales were $80,000. Cost of merchandise sold was 50% of sales. 40% of sales were for cash. (Note: Record the complete entry for the sales first and the complete entry for the expenses second] Account: Dollar amount: Account: Dollar amount: Account: Account: Dollar amount: Dollar amount: Dollar amount: Account: Account: Dollar amount: Submit Answer Incorrect. Tries 1/5 Previous Tries Transaction 6 Wages and salaries in March were $10,600, of which $8,000 was actually paid to employees. Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Submit Answer Tries 0/5 Transaction 7 Miscellaneous expenses were $1,800, all paid for with cash. Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Dollar amount: Account: Submit Answer Tries 0/5 Transaction 8 On March 1, fixtures and equipment were purchased for $5,500 with a downpayment of $1,500 and a $4,000 note, payable in one year. Interest of 4% per year was due when the note was repaid. The estimated life of the fixtures and equipment is 9 years with no expected salvage value. [Note: Record the complete entry for the March 1 equipment purchase first, the March 31 depreciation adjusting entry second, and the March 31 interest adjusting entry third. Also, round all answers to the nearest cent.] Account: Dollar amount: Dollar amount: Account: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Submit Answer Tries 0/8 Transaction 9 Cash dividends totaling $4,400 were paid to stockholders on March 31. Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Submit Answer Tries 0/5