NEED ACCURATE ANSWERS FOR THIS PLEASE ! Selected accounts from the chart of acco
ID: 2394333 • Letter: N
Question
NEED ACCURATE ANSWERS FOR THIS PLEASE !
Selected accounts from the chart of accounts of Mercer Company are shown below.
NEED ACCURATE ANSWERS FOR THIS PLEASE !
Selected accounts from the chart of accounts of Mercer Company are shown below.
101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts PayableThe cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following transactions. Jan. 3 Purchased merchandise on account from Gallagher Co. $10,400. 4 Purchased supplies for cash $90. 4 Sold merchandise on account to Wheeler $6,660, invoice no. 371, terms 1/10, n/30. 5 Returned $400 worth of damaged goods purchased on account from Gallagher Co. on January 3. 6 Made cash sales for the week totaling $3,850. 8 Purchased merchandise on account from Phegley Co. $5,400. 9 Sold merchandise on account to Linton Corp. $5,200, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Cora Co. $3,570. 13 Paid in full Gallagher Co. on account less a 2% discount. 13 Made cash sales for the week totaling $5,890. 15 Received payment from Linton Corp. for invoice no. 372. 15 Paid semi-monthly salaries of $14,100 to employees. 17 Received payment from Wheeler for invoice no. 371. 17 Sold merchandise on account to Delaney Co. $2,710, invoice no. 373, terms 1/10, n/30. 19 Purchased equipment on account from Dozier Corp. $5,840. 20 Cash sales for the week totaled $2,980. 20 Paid in full Phegley Co. on account less a 2% discount. 23 Purchased merchandise on account from Gallagher Co. $7,340. 24 Purchased merchandise on account from Atchison Corp. $5,170. 27 Made cash sales for the week totaling $4,010. 30 Received payment from Delaney Co. for invoice no. 373. 31 Paid semi-monthly salaries of $12,190 to employees. 31 Sold merchandise on account to Wheeler $9,870, invoice no. 374, terms 1/10, n/30.
Mercer Company uses the following journals. 1. Sales journal. 2. Single-column purchases journal. 3. Cash receipts journal. 4. Cash payments journal. 5. General journal.
Using the selected accounts provided:
Record and Post the January transactions in the appropriate journal noted. Foot and cross-foot all special journals. (Record entries in the order displayed in the problem statement.) Sales Journal S1 Accounts Receivable Dr. no. Ra. sa r Cost of Goods Sold Dr. Inventory Cr. Date Account Debited (112)(401) (505)(120) Purchases Journal P1 Inventory Dr. Date Account Credited Ref. Accounts Payable Cr.
Explanation / Answer
SALES JOURNAL Date Account Debited Invoice No. Ref Accounts Receivable Dr Sales Revenue Cr Cost of goods sold Dr Inventory Cr Jan.4 Wheeler Co. 371 6660 3996 Jan.9 Linton Corp. 372 5200 3120 Jan.17 Delaney 373 2710 2226 Jan.31 Wheeler Co. 374 9870 5922 Total 24440 15264 Purchase Journal Date Account Credited Ref Inventory Dr Accounts Payable Cr Jan.3 Gallagher Co. 10400 Jan.8 Phegley Co. 5400 Jan.11 Cora Co. 3570 Jan.23 Gallagher Co. 7340 Jan.24 Atchison Corp. 5170 Total 31880 CASH RECEIPTS JOURNAL Date Account Credited Ref Cash Dr Sales Discount Dr Accounts Receivable Cr Sales Revenue Cr Other Accounts Cr Cost of goods sold Dr Inventory Cr Jan.6 Sales 3850 3850 2310 Jan.13 Sales 5890 5890 3534 Jan.15 Linton Corp. 5148 52 5200 Jan.17 Wheelr Co. 6660 6660 Jan.20 Sales 2980 2980 1788 Jan.27 Sales 4010 4010 2406 Jan.30 Delaney Co. 2710 2710 Total 31248 52 14570 16730 0 10038 CASH PAYMENTS JOURNAL Date Account Debited Ref Other Account Dr Accounts Payable Dr Inventory Cr Cash Cr Jan.4 Supplies 90 90 Jan.13 Gallaghar Co. 10000 200 9800 Jan.15 Salaries 14100 14100 Jan.20 Phigley Co. 5400 108 5292 Jan.31 Salaries 12190 12190 Total 26380 15400 308 41472 Mercer Company General Journal Date Account Title Debit Credit Jan.5 Accounts Payable 400 Inventory 400 (Goods returned to Gllagher Co.) Jan.19 Equipment 5840 Accounts Payable 5840 (Purchase of equipment from Dozier Corp.)
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.