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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![Required information
[The following information applies to the questions displayed below.]
Suppose your company sells goods for $380, of which $240 is received in cash and $140 is on account. The goods cost
your company $141 and were paid for in a previous period. Your company also recorded salaries and wages of $110, of
which only $38 has been paid in cash.
Required:
1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
Journal entry worksheet
>
A
B
Record the sales revenue of $240 for cash and $140 on account and record the
cost of goods sold of $141 using one journal entry.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
S
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Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Suppose your company sells goods for $380, of which $240 is received in cash and $140 is on account. The goods cost
your company $141 and were paid for in a previous period. Your company also recorded salaries and wages of $110, of
which only $38 has been paid in cash.
Required:
1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
Journal entry worksheet
>
A
B
Record the sales revenue of $240 for cash and $140 on account and record the
cost of goods sold of $141 using one journal entry.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
S
< Prev
3 4
of 10
Next >
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