Question
Sales for the month were $650,000, 85% of sales were on account. Gross margin is 40% of sales.
Answers
Mariam
Cash DR 97500.00
AC Receivable 552500.00
Sales 650000.00
Sales 650000.00
Cost of Sales 390000.00
Gross profit 260000.00
AC Receivable 552500.00
Sales 650000.00
Sales 650000.00
Cost of Sales 390000.00
Gross profit 260000.00