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elected accounts from the chart of accounts of Pharoah Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and

elected accounts from the chart of accounts of Pharoah 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, Pharoah completed the following transactions.

Jan. 3

Purchased merchandise on account from Gallagher Co. $10,000.

4

Purchased supplies for cash $80.

4

Sold merchandise on account to Wheeler $6,150, invoice no. 371, terms 1/10, n/30.

5

Returned $600 worth of damaged goods purchased on account from Gallagher Co. on January 3.

6

Made cash sales for the week totaling $3,110.

8

Purchased merchandise on account from Phegley Co. $4,700.

9

Sold merchandise on account to Linton Corp. $5,500, invoice no. 372, terms 1/10, n/30.

11

Purchased merchandise on account from Cora Co. $3,770.

13

Paid in full Gallagher Co. on account less a 2% discount.

13

Made cash sales for the week totaling $6,100.

15

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

15

Paid semi-monthly salaries of $13,600 to employees.

17

Received payment from Wheeler for invoice no. 371.

17

Sold merchandise on account to Delaney Co. $2,680, invoice no. 373, terms 1/10, n/30.

19

Purchased equipment on account from Dozier Corp. $5,820.

20

Cash sales for the week totaled $2,550.

20

Paid in full Phegley Co. on account less a 2% discount.

23

Purchased merchandise on account from Gallagher Co. $7,990.

24

Purchased merchandise on account from Atchison Corp. $5,130.

27

Made cash sales for the week totaling $4,900.

30

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

31

Paid semi-monthly salaries of $13,940 to employees.

31

Sold merchandise on account to Wheeler $9,700, 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.

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