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7 November, 20:25

Suppose your company sells goods for $370, of which $235 is received in cash and $135 is on account. The goods cost your company $139 and were paid for in a previous period. Your company also recorded salaries and wages of $105, of which only $37 has been paid in cash. 1. 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 2. Record the salaries and wages expense of $70. journal entry has been entered

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  1. 7 November, 20:31
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    The Journal entries are as follows:

    1.

    Cash A/c Dr. $200

    Accounts receivable A/c Dr. $100

    Cost of goods sold A/c Dr. $125

    To sales revenue $300

    To inventory $125

    (To record the sales revenue, account sales and COGS)

    2.

    Salary and wages expenses A/c Dr. $105

    To cash $37

    To Salary and wages payable $68

    (To record the salaries and wages expense)
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