Suppose your company sells goods for $370, of which $235 is received in cash and $135 is on account. the goods cost your company $139 and were paid for in a previous period. your company also recorded salaries and wages of $105, of which only $37 has been paid in cash.1. record the sales revenue of $200 for cash and $100 on account and record the cost of goods sold of $125 using one journal entry 2. record the salaries and wages expense of $70. journal entry has been entered

The Journal entries are as follows:

1.

Cash A/c                           Dr. $200

Accounts receivable A/c Dr. $100

Cost of goods sold A/c   Dr. $125

To sales revenue                             $300        

To inventory                                      $125

(To record the sales revenue, account sales and COGS)

2.

Salary and wages expenses A/c    Dr. $105

To cash                                                            $37              

To Salary and wages payable                        $68

(To record the salaries and wages expense)

answer: life insurance

explanation:

the definition of a small business is an independently owned and operated company that is limited in size and in revenue depending on the industry. a local bakery that employs 10 people is an example of a small business. a manufacturing facility that employees less than 500 people is an example of a small business.