Rite Shoes was involved in the transactions described below.
1.Purchased $9,400 of inventory on account.
2.Paid weekly salaries and wages, $1,040.
3.Recorded sales for the first week: Cash: $8,300; On account: $6,500.
4.Paid for inventory purchased in event (1).
5.Placed an order for $7,400 of inventory.

Required:
Prepare the appropriate journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Answer rating: 100% (QA)

1 Dr Cr Purchases 9400 Account payable 9400 ... View the full answer