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< 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 >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: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.
< 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 >
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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