Question

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 Payable

The 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. $10,200.
4		Purchased supplies for cash $70.
4		Sold merchandise on account to Wheeler $5,450, 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 $3,950.
8		Purchased merchandise on account from Phegley Co. $5,400.
9		Sold merchandise on account to Linton Corp. $8,000, invoice no. 372, terms 1/10, n/30.
11		Purchased merchandise on account from Cora Co. $3,660.
13		Paid in full Gallagher Co. on account less a 2% discount.
13		Made cash sales for the week totaling $5,600.
15		Received payment from Linton Corp. for invoice no. 372.
15		Paid semi-monthly salaries of $14,500 to employees.
17		Received payment from Wheeler for invoice no. 371.
17		Sold merchandise on account to Delaney Co. $2,000, invoice no. 373, terms 1/10, n/30.
19		Purchased equipment on account from Dozier Corp. $5,860.
20		Cash sales for the week totaled $4,220.
20		Paid in full Phegley Co. on account less a 2% discount.
23		Purchased merchandise on account from Gallagher Co. $7,570.
24		Purchased merchandise on account from Atchison Corp. $5,080.
27		Made cash sales for the week totaling $4,940.
30		Received payment from Delaney Co. for invoice no. 373.
31		Paid semi-monthly salaries of $12,280 to employees.
31		Sold merchandise on account to Wheeler $9,440, 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.)

Answer 1

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you mercer Sales Journal Cost of Goods Account Invoice Sold Dr. r Sales Revenue Ref Date Debited No Inventory C Cr Wheeler Linton Corp. Delaney Co. 71 3.270 Jan. 4 5,450 72 8,000 $ 4,800 373 2,000$ 1.200 Wheeler 374 9,440 $ 31 5,664 24,890 S (112 (401) 14,934 (505120) Purchases Journal PL Inventory Dr Accounts Account Credited Ref. Date Payable Cr Gallagher Co Phegley Co Jan. 3 10.200 5,400 11 CUra Co 3.660 23 Gallagher Co. 7,570 Atehison Corp. 24 5.080 31.910 (120(201) General Journal G1 Accounts and Explanations Credit Date Ref. Debit Gallagher Co. 201/ $ Jan. 5 Accounts Payable 200 200 Inventory 120 S Euipmen Accounts Pavable Dozicr Corp Jan 19 157 5.860 201 5,860 Cash Receipts Journal CRI Goods Other Ace Cr Sales Dise Dr. Inventory Account Cush Accounts Ree Sales Revenuc Credited Date Ref. Di Cr. Cr. 2.370 3.950 Jan. 0 3.950 13 5.60 3.360 5 600 Linton Corp. 7,920 S 15 S 80 S 8.000 17 Wheeler 5.450 5.450 S 4.220 4,220 2.532 20 27 4,940 4,940 2,964 S 30 Delaucy Co 2000 2,000 S 34.080 S 80 S 15.450 S 18,710 S 11,226 101 114 112 401 (X) (505)120) ash Pavments Journal CP Other Accounts Cash Accounts Payable Inventory Cr Account Debited Cr. Date Ref. Dr Dr Jan. 4 Supplies Gallagher Co 126 70 70 200 $ 10,000 $ 13 9.800 14,50K Salaries and Wages Hxpensc Phegley Co Salaries and Wages Expense 15 726 14.500 108 $ 20 5,400 $ 5,292 31 726 12.280 12,280 41,942 308 S 26.850 S 15,400 S 201 120 101