Transaction 5

Sales were $62,000. Cost of merchandise sold was 70% of its sales price. 30% of the sales were for cash. [Note: Record the sales transaction first and the expense transaction second]

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Transaction 5 Sales were $62,000. Cost of merchandise sold was 70% of its sales price. 30% of the sales were for cash. [Note:Record the sales transaction first and the expense transaction second] Drop down menu options are: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Pay?e Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank