LDUNTING I ⅈ (ACC 201 STANDARD VIEW PR?NTERVERS?ON Problem 7-4A Selected acco
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LDUNTING I ⅈ (ACC 201 STANDARD VIEW PR?NTERVERS?ON Problem 7-4A Selected accounts from the chart of accounts of Mercer Company are shown 101 Cash 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable below. 401 Sales Revenue 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense The cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following tr by Study Jan. 3 Purchased merchandise on account from Gallagher Co.$9,000 4 Purchased supplies for cash $90. 4 Sold merchandise on account to Wheeler s5,800, invoice no. 371, terms 1/10, n/30. 5 Returned $200 worth of damaged goods purchased on account from Gallagher Co. on January 3 6 Made cash sales for the week totaling $3,380. 8 Purchased merchandise on account from Phegley Co. $5,800 9 Sold merchandise on account to Linton Corp. $6,700, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Cora Co. $3,750. 13 Paid in full Gallagher Co. on account less a 2% discount. 13 Made cash sales for the week totaling $6,150. 15 Received payment from Linton Corp. for invoice no. 372 15 Paid semi-monthly salaries of $14,700 to employees. 17 Received payment from Wheeler for invoice no. 371 on account to Delaney Co. $2.420, Involce no. 373, terme /0 n/30. 19 Purchased equipment on account from Dozier Corp. $5,750. 20 Cash sales for the week totaled $3,320. 20 Paid in full Phegley Co. on account less a 2% discount. 23 Purchased merchandise on account from Gallagher Co. $7.740. 24 Purchased merchandise on account from Atchison Corp. $5,070 27 Made cash sales for the week totaling $4,650 30 Recelved payment from Delaney Co, for invoice no. 373 31 Paid semi-monthly salaries of $12,430 to employees 31 Sold merchandise on account to Wheeler $9,890, Invoice no. 374, terms 1/10, V30, Mercer Company uses the following journals 1. Sales journal. 2. Single-column purchases journal 3. Cash receipts journal. 4. Cash payments journal s. General journal. Using the selected accounts provided: transactions in the appropriate journal noted. Foot and cross-foot all special journa and Post the January order displayed in the problem statement.) Type here to search ?) F6Explanation / Answer
SALES JOURNAL Date Account Invoice Accounts Cost of goods Debited Number Receivable Dr Sold Dr Sales Cr Inventory Cr Jan.4 Wheeler Corp. 371 5800 3480 Jan.9 Linton Corp. 372 6700 4020 Jan.17 Delaney Co. 373 2420 1452 Jan.31 Wheeler Corp. 374 9890 5934 Total 24810 14886 PURCHASE JOURNAL Date Account Ref Inventory Dr Accounts Payable Cr Jan.3 Gallaghar Co. 9000 Jan.8 Phegley.Co. 5800 Jan.11 Cora 3750 Jan.23 Gallaghar Co. 7740 Jan.24 Achison Corp. 5070 Total 31360 Cash Receipts Journal Date Account Cash Dr Sales Accounts Sales Cr Other Cost of goods Credited Discount Dr Receivable Cr Account Cr sold Dr Inventory Cr Jan.6 Sales 3380 3380 2028 Jan.13 Sales 6150 6150 3690 Jan.15 Linton Corp. 6633 67 6700 Jan.17 Wheeler Corp. 5800 5800 Jan.20 Sales 3320 3320 1992 Jan.27 Sales 4650 4650 2790 Jan.30 Delaney 2420 2420 Total 32353 67 14920 17500 0 10500 Cash Disbursement Journal Journal Date Account Other Accounts Cash Cr Inventory Cr Debited Accounts Dr Payable Dr Jan.4 Supplies 90 90 Jan.13 Gallaghar 8800 8624 176 Jan.15 Salaries Expense 14700 14700 Jan.20 Phegley.Co. 5800 5684 116 Jan.31 Salaries Expense 12430 12430 Total 27220 14600 41528 292 General Journal Date Account Debit Credit Jan.5 Accounts Payable 200 Inventory 200 (Returned goods to Gallagher Co.) Jan.19 Equipment 5750 Accounts Payable - Dozier Corp. 5750 (Purchase of equipment on account)
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