< A < Note: Enter debits before credits. Record the sales revenue of $295 for cash and $195 on account and record the cost of goods sold of $163 using one journal entry. Transaction B A 3 Note: Enter debits before credits. Transaction General Journal Show Transcribed Text Record the salaries and wages expense of $165. General Journal Debit C Credit Debit Credit >
< A < Note: Enter debits before credits. Record the sales revenue of $295 for cash and $195 on account and record the cost of goods sold of $163 using one journal entry. Transaction B A 3 Note: Enter debits before credits. Transaction General Journal Show Transcribed Text Record the salaries and wages expense of $165. General Journal Debit C Credit Debit Credit >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
H1.

Transcribed Image Text:Required information
[The following information applies to the questions displayed below.)
Suppose your company sells goods for $490, of which $295 is received in cash and $195 is on account. The goods cost
your company $163 and were paid for in a previous period. Your company also recorded salaries and wages of $165, of
which only $49 has been paid in cash.

Transcribed Image Text:<
A
<
Note: Enter debits before credits.
Record the sales revenue of $295 for cash and $195 on account and record the
cost of goods sold of $163 using one journal entry.
Transaction
B
A
3
Note: Enter debits before credits.
Transaction
General Journal
Show Transcribed Text
Record the salaries and wages expense of $165.
General Journal
Debit
C
Credit
Debit
Credit
>
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