NEED ANSWER ASAP PLEASE !! Selected accounts from the chart of accounts of Merce

Question

NEED ANSWER ASAP PLEASE !!

Selected accounts from the chart of accounts of Mercer Company are shown below.

The cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following transactions.

Mercer Company uses the following journals.

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.)

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 Payable es Journa S1 Accounts Receivable Dr. Sales Revenue Cr. Cost of Goods Sold Dr. Inventory Cr. Date Account Debited Invoice No. Ref. (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. 4-Jan Wheeler 371                                   5,260.00                                   3,156.00 9-Jan Linton Corp. 372                                   6,100.00                                   3,660.00 17-Jan Delaney Co 373                                   2,920.00                                   1,752.00 31-Jan Wheeler 374                                   9,480.00                                   5,688.00                                 23,760.00                                14,256.00 Purchase Journal Date Account Credited Ref. Inventory Dr. Accounts Payable Cr. 3-Jan Gallagher Co.                            9,200.00 8-Jan Phegley Co.                            5,200.00 11-Jan Cora Co                            3,560.00 23-Jan Gallagher Co.                            7,080.00 24-Jan Atchison Corp.                            4,730.00                          29,770.00 General Journal Date Accounts Titles & Explanation Debit Credit 5-Jan Accounts Payable - Gallagher Co.       200.00    Merchandise Inventory       200.00 (To record the inventory return) 19-Jan Equipment    5,570.00    Accounts Payable - Dozier Corp.    5,570.00 (To record purchase of equipment) 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. 6-Jan          3,240.00           3,240.00                                1,944.00 13-Jan          5,930.00           5,930.00                                3,558.00 15-Jan Linton Corp.          6,039.00                   61.00                   6,100.00 17-Jan Wheeler          5,260.00                   5,260.00 20-Jan          3,940.00           3,940.00                                2,364.00 27-Jan          4,370.00           4,370.00                                2,622.00 30-Jan Delaney Co          2,920.00                   2,920.00        31,699.00                   61.00                 14,280.00         17,480.00                          -                               10,488.00 Cash Payments Journal Date Account Debited Ref. Other Accounts Dr. Accounts Payable Dr. Inventory Dr. Cash Cr. 4-Jan Supplies 126                  90.00                   90.00 13-Jan Gallagher Co.              9,000.00                   180.00             8,820.00 15-Jan Salaries Expenses 726          14,500.00           14,500.00 20-Jan Phegley Co.              5,200.00                   104.00             5,096.00 31-Jan Salaries Expenses 726          13,870.00           13,870.00          28,460.00            14,200.00                   284.00           42,376.00

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