Transaction 5 Sales were $60,000. Cost of merchandise sold was 60% of sales. 60% of sales were on open account. [Note: Record the complete entry for the sales first and the complete entry for the expenses second] Account: Accounts Receivable Dollar amount: 36000 Account: Retained Earnings Dollar amount: 60000 Account: Inventory Dollar amount: 36000 Account: Retained Earnings Dollar amount: 36000 Account: Leave Blank Dollar amount: Foil1=Leave%20Blank