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Compute the following journal entries: 1.Sold goods for cash $50,000; the cost of goods sold was...

Compute the following journal entries:

1.Sold goods for cash $50,000; the cost of goods sold was $15,250.

2.Sales returns were $12,000, and had a cost of $3,660.

3.Sold goods on account for $950,000; the cost of goods sold was $289,750.

4.Collected $960,000 of accounts receivable consisting of $957,150 in cash and discounts of $2,850. The gross method for sales discounts is used.

5.Purchased supplies on account $3,200, debit supplies.
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