Rite Shoes was involved in the transactions described below.
Required: Prepare the appropriate journal entry for each transaction. If an entry is not required, state "No Entry."
1. Purchased $8,200 of inventory on account.
2. Paid weekly salaries, $920.
3. Recorded sales for the first week: Cash: $7,100; On account: $5,300.
4. Paid for inventory purchased in event (a.)
5. Placed an order for $6,200 of inventory.

Question

Quizplus · Accepted Answer

The Answer of Rite Shoes was involved in the transactions described below.
Required: Prepare the appropriate journal entry for each transaction. If an entry is not required, state "No Entry."
1. Purchased $8,200 of inventory on account.
2. Paid weekly salaries, $920.
3. Recorded sales for the first week: Cash: $7,100; On account: $5,300.
4. Paid for inventory purchased in event (a.)
5. Placed an order for $6,200 of inventory.

Rite Shoes Was Involved in the Transactions Described Below