Transaction 5 Sales were $72,000 Cost of merchandise sold was 50 of sales 75 of sales were on open account Three former college classmates have decided to pool a variety of work experiences by opening a store near campus to sell wireless equipment to students The business has been incorporated as University Wireless Required Several transactions occurred in March Each is described separately in this folder For each transaction, indicate the accounts that are affected, whether they increase or decrease, and the amount of the increase or decrease YOU MUST FOLLOW THE INSTRUCTIONS BELOW IF YOU DON'T, YOU MAY KNOW THE CORRECT ENTRY BUT THE COMPUTER WILL NOT RECOGNIZE IT AND YOU WILL NOT RECEIVE CREDIT After each transaction description, there are several Account submission boxes and corresponding Amount submission boxes To indicate the accounts that you think are affected, choose them from the drop down menu But you MUST select them in the order that they are listed in the menu FOR EXAMPLE, if you think that Cash and Inventory are affected by a particular transaction, you must record the Cash impact first and the Inventory impact second because that is the order in which they are listed in the drop down menu If you record the Inventory impact first and the Cash impact second, even if they are the correct accounts and even if you have the correct dollar amounts, your answer will be considered incorrect When you record the dollar amounts, be sure to use a minus sign to indicate a decrease in the account You don't need to use a plus sign to indicate an increase There are always more Account and Amount submission boxes available than are necessary When you have indicated all the accounts that are affected by the transaction, you MUST select Leave Blank from the drop down menu for EACH of the remaining Account submission boxes (you can leave the Amount boxes blank) For transactions 3, 4, 5, and 8, you are given additional instructions Read them carefully You get 5 tries for each transaction (8 tries for transaction 8) The entries for each transaction are worth 2 points (4 points for transaction 8) Account Options are Leave Blank Retained Earnings Paid in capital Notes Payable wages payable Interest payable Accounts payable Fixtures and Equipment Prepaid Rent Inventory Accounts Receivable Cash 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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Transaction 5 Sales were $72,000. Cost of merchandise sold was 50% of sales. 75% of sales were on open account. Three former college classmates have

image text in transcribed Transaction 5 Sales were $72,000. Cost of merchandise sold was 50% of sales. 75% of sales were on open account.

Three former college classmates have decided to pool a variety of work experiences by opening a store near campus to sell wireless equipment to students. The business has been incorporated as University Wireless. Required: Several transactions occurred in March. Each is described separately in this folder. For each transaction, indicate the accounts that are affected, whether they increase or decrease, and the amount of the increase or decrease. YOU MUST FOLLOW THE INSTRUCTIONS BELOW. IF YOU DON'T, YOU MAY KNOW THE CORRECT ENTRY BUT THE COMPUTER WILL NOT RECOGNIZE IT AND YOU WILL NOT RECEIVE CREDIT.

After each transaction description, there are several "Account" submission boxes and corresponding "Amount" submission boxes. To indicate the accounts that you think are affected, choose them from the drop-down menu. But you MUST select them in the order that they are listed in the menu. FOR EXAMPLE, if you think that Cash and Inventory are affected by a particular transaction, you must record the Cash impact first and the Inventory impact second because that is the order in which they are listed in the drop-down menu. If you record the Inventory impact first and the Cash impact second, even if they are the correct accounts and even if you have the correct dollar amounts, your answer will be considered incorrect.
When you record the dollar amounts, be sure to use a minus sign to indicate a decrease in the account. You don't need to use a plus sign to indicate an increase.
There are always more "Account" and "Amount" submission boxes available than are necessary. When you have indicated all the accounts that are affected by the transaction, you MUST select "Leave Blank" from the drop-down menu for EACH of the remaining "Account" submission boxes (you can leave the "Amount" boxes blank).
For transactions 3, 4, 5, and 8, you are given additional instructions. Read them carefully.
You get 5 tries for each transaction (8 tries for transaction #8).
The entries for each transaction are worth 2 points (4 points for transaction #8).
Account Options are: -Leave Blank -Retained Earnings -Paid in capital -Notes Payable -wages payable -Interest payable -Accounts payable -Fixtures and Equipment -Prepaid Rent -Inventory -Accounts Receivable -Cash

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