Transaction 2 The company quickly acquired $43,000 in inventory, 50% of which was paid for in cash. The rest was acquired on open accounts that were payable after 30 days. Account: Dollar amount: Account: Dollar amounti Account: Dollar amounti Account Dollar amount: Account: Dollar amounti Transaction 5 Sales were $70,000. Cost of merchandise sold was 50% of sales. 35% 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: CMO Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount