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

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

Answerprice ceiling;