Prepare journal entries for each transaction listed below.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

a$.$ Sales on account were $$640$ and related cost of goods sold was $$370.$

b$.$ Issued $8,000$ shares of $$1$ par value stock for $$60,000$ cash.

Journal entry worksheet

Record the sales on account of $$640.$

Note: Enter debits before credits. $1.$ Record the sales on account of $$640.2.$ Record the cost of goods sold of $$370$ related to the sales. $3.$ Issued $8,000$ shares of $$1$ par value stock for $$60,000$ cash.