Suppose your company sells goods for $300, of which $200 is received in cash and $100 is on account. The goods cost your company $125 and were paid for in a previous period. Your company also recorded salaries and wages of $70, of which only $30 has been paid in cash. Required:
a. 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.
b. Record the salaries and wages expense of $70.