Answer:
Journal entries
Explanation:
a. Cash $25,000
To Sales $25,000
(Being the sale is recorded)
Costs of Goods Sold $17,500
To Inventory $17,500
(Being the cost is recorded)
B. Accounts Receivable $98,000
To Sales $98,000
(Being the sales is recorded)
Costs of Goods Sold $58,800
To inventory $58,800
(Being the cost is recorded)
C. Accounts Receivable $475,000
To Sales $475,000
(Being the sales is recorded)
Costs of Goods Sold $280,000
To inventory $280,000
(Being the cost is recorded)
D. Accounts Receivable $63,000
To Sales $63,000
(Being the sales is recorded)
Costs of Goods Sold $39,000
To inventory $39,000
(Being the cost is recorded)
E. Cash $524,550
Credit card Expense $13,450
To Accounts Receivable $538,000
(Being the cash is recorded)
Sales $661,000
To Income Summary $661,000
(Being the closing is recorded)
Income summary $408,750
To Costs of Goods Sold $ 395,300
To Credit Card Expense $ 13,450
(Being the credit card expense and the cost of goods sold closing is recorded)
Income Summary $252,250
To Retained Earnings $252,250
(Being the transfer is recorded)
