Assignment

Accounting Information Systems

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

Jan. 3 Purchased merchandise on account from Gallagher Co. $9,000; terms 2/10, n30.

4 Purchased supplies for cash $80.

4 Sold merchandise on account to Wheeler $5,250, invoice no. 371, terms 1/10, n/30.

5 Returned $300 worth of damaged goods purchased on account from Gallagher Co. on January 3.

6 Made cash sales for the week totaling $3,150.

8 Purchased merchandise on account from Phegley Co. $4,500, terms 2/15, n45.

9 Sold merchandise on account to Linton Corp. $5,400, invoice no. 372, terms 1/10, n/30.

11 Purchased merchandise on account from Cora Co. $3,700, terms 2/15, n30.

13 Paid in full Gallagher Co.

13 Made cash sales for the week totaling $6,260.

15 Received payment from Linton Corp. for invoice no. 372.

15 Paid semi-monthly salaries of $14,300 to employees.

17 Received payment from Wheeler for invoice no. 371.

17 Sold merchandise on account to Delaney Co. $1,200, invoice no. 373, terms 1/10, n/30.

19 Purchased equipment on account from Dozier Corp. $5,500; terms 1/15, n30.

20 Cash sales for the week totaled $3,200.

20 Paid in full Phegley Co.

23 Purchased merchandise on account from Gallagher Co. $7,800; terms 1/15, n30. 24 Purchased merchandise on account from Atchison Corp. $5,100; ; terms 1/15, n30.

27 Made cash sales for the week totaling $4,230.

30 Received payment from Delaney Co. for invoice no. 373.

31 Paid semi-monthly salaries of $13,200 to employees.

31 Sold merchandise on account to Wheeler $9,330, invoice no. 374, terms 1/10, n/30.

Required: Journalize the transactions above in a purchases journal, a sales journal, a cash receipt journal, a cash payment journal and a general journal of Martin Company.