Answer:
Explanation:
The journal entries are shown below:
1. Merchandise inventory A/c Dr $240,000
      To Account payable A/c $240,000
(Being the inventory is purchased on account)
2. Salaries expense A/c Dr $59,000
    To Cash A/c $59,000
(Being the salaries expense is paid for cash)
3. Accounts receivable A/c Dr  $295,000
       To Sales revenue A/c $295,000
(Being the merchandise of inventory is recorded)
Cost of goods sold A/c Dr $158,000
   To Merchandise inventory A/c $158,000
(Being the merchandise of inventory is recorded)
4. Cash A/c Dr $275,000
    To Account receivable $275,000
(Being the received cash is recorded)
5. Accounts payable A/c Dr $220,000
     To Cash A/c $220,000
(Being the suppliers of inventory is recorded)