Sales were $70,000. Cost of merchandise sold was 65% of sales. 70% of sales were...
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Sales were $70,000. Cost of merchandise sold was 65% of sales. 70% of sales were on open account. some/all of these answers are wrong
Sales were $70,000. Cost of merchandise sold was 65% of sales. 70% of sales were on open account. (Note: Record the complete entry for the sales first and the complete entry for the expenses second] Account: Cash Dollar amount: 21000 Account: Accounts Receivable Dollar amount: 49000 Account: Retained Earnings Dollar amount: -70000 Account: Inventory Dollar amount: -45500 Account: Retained Earnings Dollar amount: 45500 Account: Leave Blank Dollar amount: Foil1=Leave%20Blank
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