accounts. Journalise mation in special journals 17.4 (LO 2, 3) Selected accounts from the chart of accounts of Meng Enterprises are shown below 10] 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 Scanned with CamScanner Problems 7-37 The cost of all merchandise sold was 60% of the sales price. During January. Meng completed the following transactions (amounts in thousands) Jan. 3 Purchased merchandise on account from Gum Co. 79.000 4 Purchased supplies for cash 180 4 Sold merchandise on account to Wei Y5.250. invoice no. 371. terms 1/10, 1/30. los Returned 1300 worth of damaged goods purchased on account from Gum Co, on January 3. 6 Made cash sales for the week totaling V3.150. 8 Purchased merchandise on account from Pang Co. 4,500 9 Sold merchandise on account to Loeng Corp. 45,400, invoice no. 372, terms 1/10, 1/30. 11 Purchased merchandise on account from Che Co. 73.700. 13 Paid in full Gum Co, on account less a 25 discount, 13 Made cash sales for the week totaling 16.260. 15 Received payment from Loeng Corp. for invoice no. 372 15 Paid semi-monthly salaries of V14,300 to employees. 17 Received payment from Wei for invoice no. 371. 17 Sold merchandise on account to Dyun Co. V1.200 invoice no. 373. terms 1/10, 1/30. 19 Purchased equipment on account from Ziu Corp. 45.500 20 Cash sales for the week totaled V3.200. Paid in full Pang Co. on accountless a 25% discount. Purchased merchandise on account from Gum Co, V7.800 24 Purchased merchandise on account from Yap Corp. V5.100 27 Made cash sales for the week totaling 14.230. 30 Received payment from Dyun Co. for invoice no. 373 31 Paid semi-monthly salaries of V13.200 to employees 31 Sold merchandise on account to Wei 99.330, invoice no 174. trem 1/10 20 5. General journal Instructions Using the selected accounts provided: a. Record the January transactions in the appropriate journal noted. b. Foot and cross-foot all special journals. c. Show how postings would be made by placing ledger account numbers and checkmarks as needed in the journals. (Actual posting to ledger accounts is not required) a. Sales journal 21,180 Purchases journal V30,100 Cash receipts journal balancing total 38,794 Cash payments Journal balancing total 40,780