Suppose your company sells goods for $300, of which $200 is received in cash and $100 is on account. The goods cost your company $125 and were paid for in a previous period. Your company also recorded salaries and wages of $70, of which only $30 has been paid in cash. prepare journal entries a) Record the sales revenue of $200 for cash and $100 on account and record the cost of goods sold of $125 using one journal entry. b) Record the salaries and wages expense of $70.
Suppose your company sells goods for $300, of which $200 is received in cash and $100 is on account. The goods cost your company $125 and were paid for in a previous period. Your company also recorded salaries and wages of $70, of which only $30 has been paid in cash. prepare journal entries a) Record the sales revenue of $200 for cash and $100 on account and record the cost of goods sold of $125 using one journal entry. b) Record the salaries and wages expense of $70.
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 17MC: Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this...
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Suppose your company sells goods for $300, of which $200 is received in cash and $100 is on account. The goods cost your company $125 and were paid for in a previous period. Your company also recorded salaries and wages of $70, of which only $30 has been paid in cash.
prepare journal entries
a) Record the sales revenue of $200 for cash and $100 on account and record the cost of goods sold of $125 using one
b) Record the salaries and wages expense of $70.
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