Question

What happens to the balance sheet when a company makes sales of $500, of which $300 is paid in cash and $200 is sold on credit

Answer 1

Based on the information given what happens to the balance sheet is:

Debit Cash $300 ; Debit Accounts receivables $200 ;Credit Retained earnings $500.

The appropriate journal entry is:

Debit Cash $300

Debit Accounts receivables $200

Credit Retained earnings $500

(To record retained earnings)

Inconclusion  what happens to the balance sheet is: Debit Cash $300 ; Debit Accounts receivables $200 ;Credit Retained earnings $500.

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