Transaction 5 Sales were $64,000. Cost of merchandise sold was 65% of sales. 20% of sales were for cash. [Note: Record the complete entry for the sales first and the complete entry for the expenses second]

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Options for Account Entries are Cash, Accounts Receivable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Notes Payable, Wages Payable, Paid-In Capital and Retained Earnings.