7-28 P7-4 2 73 4 9 P7-4B Selected accounts from the chart of accounts of Conley Company are shown below. 101 Cash 201 Accounts Payable 112 Accounts Receivable 401 Sales Revenue 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 140 Land 610 Advertising Expense 145 Buildings The cost of all merchandise sold was 65% of the sales price. During October, Conley Company completed the following transactions Oct. 2 Purchased merchandise on account from Kent Company $15,000. Sold merchandise on account to Doumit Co. 55,600. Invoice no. 204, terms 2/10, 1/30. 5 Purchased supplies for cash $60. 7 Made cash sales for the week totaling $6,700. Paid in full the amount owed Kent Company less a 2% discount. 10 Purchased merchandise on account from Wrigle Corp. $2,600. 12 Received payment from Doumit Co. for invoice no. 204. 13 Returned $150 worth of damaged goods purchased on account from Wrigley Corp. on October 10. 14 Made cash sales for the week totaling $6,000 16 Sold a parcel of land for $20,000 cash, the land's original cost. Sold merchandise on account to JR's Warehouse $4.900, invoice no. 205, terms 2/10, n/30 18 Purchased merchandise for cash $1,600. Made cash sales for the week totaling $6,000. 23 Paid in full the amount owed Wrigley Corp. for the goods kept (no discount). Purchased supplies on account from Francisco Co. $190. 25 Sold merchandise on account to Fryer Corp. $3,800, invoice no. 206, terms 2/10,n30. 25 Received payment from JR's Warehouse for invoice no. 205. Purchased for cash a small parcel of land and a building on the land to use as a storage facility. The total cost of $26,000 was allocated $16,000 to the land and $10,000 to the building. Purchased merchandise on account from Marte Co. 56,200. Made cash sales for the week totaling $5,500. Purchased merchandise on account from Kent Company S10.000 17 21 25 26 27 28 30 a