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Transaction 5 Sales were $72,000. Cost of merchandise sold was 50% of sales. 75% of sales were on open account. [Note: Record the complete entry

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Transaction 5 Sales were $72,000. Cost of merchandise sold was 50% of sales. 75% 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: 54,000 Account: Cash Dollar amount: 18,000 Account: Inventory Dollar amount: 36,000 Account: Accounts Receivable Dollar amount: 72,000 Account: Leave Blank Dollar amount: Account: Leave Blank Dollar amount: Foil1=Leave%20Blank

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