Here\'s my calculations. Pleas tell me where i went wrong.. Cash = -1500 Fixture

Question

Here's my calculations. Pleas tell me where i went wrong..

Cash = -1500

Fixtures and Equipment = 5500

Notes Payable = 4000

Fixtures and Equipment = 5500/(12*10) = -45.83

Retained Earnings = -45.83

Interest Payable = (4000 * 0.05)/10 = -20

Retained Earnings = -20

Transaction 5 Sales were $62,000. Cost of merchandise sold was 50% of its sales price, 30% of the sales were for cash. [Note: Record the complete entry for the sales first and the complete entry for the expenses second] Account: Cash Dollar amount: 18600 Account: Accounts ReceivableDollar amount: 31000 Account: Retained Earnings Account: Inventory Account: Retained Earnings Dlr amount: -31000 Account: Leave Blank Dollar amount: 49600 Dollar amount: -31000 Dollar amount: Foh-Leave%20Bank

Explanation / Answer

As per the question requirements you have to pass entry first for sales in complete and then for expenses.
Entries are:-

Unable to understand the calculations given by you. You can also merge these two entries but still as required by question you have to pass both the entires one by one in complete form.

Account Titles Debit Credit Cash $18600 Account Receivable $43400     Sales Revenue $62000 (Entry for sales made) Cost of Merchandise Sold $31000     Inventory $31000 (entry for expenses)

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