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Sagot :
Answer:
Part 1
Purchase journal
Debit : Merchandise Inventory $125,000
Credit : Accounts Payable $125,000
Sales journal
Debit : Accounts Receivable $163,750
Debit : Cost of Sales ($125,000 x 75%) $93,750
Credit : Sales Revenue $163,750
Credit : Inventory $93,750
Collection of Payments journal
Debit : Cash ($163,750 x 25%) $40,938
Credit : Accounts Receivable $40,938
Part 2
Inventory = $31,250
revenues = $163,750
expenses = $93,750
gross profit = $70,000
Explanation:
inventory = Purchases - Cost of sales
= $125,000 - $93,750
= $31,250
revenues = Sales to Customers paid up or not
= $163,750
expenses = Cost of sales
= $93,750
gross profit = Sales - Cost of sales
= $163,750 - $93,750
= $70,000
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