Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wages and salaries in March were $11,500, of which $8,800 was actually paid to employees. Account: Cash Dollar amount: -8800 Account: Retained Earnings Dollar amount:

image text in transcribedimage text in transcribed

Wages and salaries in March were $11,500, of which $8,800 was actually paid to employees. Account: Cash Dollar amount: -8800 Account: Retained Earnings Dollar amount: 11500 Account: Wages Payable Dollar amount: -2700 Account: Leave Blank Dollar amount: Dollar amount: Foilt=Leave%20Blank Foilt=Leave%20Blank Account: Leave Blank Submit Answer Incorrect. Tries 4/5 Previous Tries Sales were $68,000. Cost of merchandise sold was 75% 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] Account: Cash Dollar amount: 13600 Account: Retained Earnings Dollar amount: 68000 Account: Inventory Dollar amount: -17000 Account: Retained Earnings Dollar amount: -17000 Account: Accounts Receivable Dollar amount: 54400 Account: Leave Blank Dollar amount: Foil1=Leave%20Blank

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions