general and subsidiary ledger a have zero beginning balances.) (e) Prove the Ac agreement of the control and subsidiary accounts. the chart of accounts of Mercer Company are shown Jour (LO 2 below. 101 Cash 112 Accounts Receivable 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable 401 Sales Revenue 412 Sales Returns and Allowances 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense GLS The cost of all merchandise sold was 60% of the sales price. During January, pleted the following transactions. Mercer com- Jan. 3 Purchased merchandise on account from Gallagher Co. $9,000 4 4 Purchased supplies for cash $80. Sold merchandise on account to Wheeler $5,250, invoice no. 371, terms 1/10, 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. 9 Sold merchandise on account to Linton Corp. $5,400, invoice no. 372, terms 1/10, 11 Purchased merchandise on account from Cora Co. $3,700. Paid in full Gallagher Co. on account less a 2% discount. 13 13 Made cash sales for the week totaling $6,260. Received payment from Linton Corp. for invoice no. 372. 15 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, 19 Purchased equipment on account from Dozier Corp. $5,500. 20 Cash sales for the week totaled $3,200, 20 Paid in full Phegley Co. on account less a 2% discount handise on account from Gallagher Co. $7,800 Purchasedn account from Atchison Corp. $5,100 24 Purchased merchandise on A 27 Made cash sales for the week totaling $4,230 30 Received-monthly saa 31 Paid semi-monthly salaries 31 vment from Delaney Co. for invoice no. 373. o e of $13,200 to employees. Sold merchandise on account io Wheelkr $9, 30, n n/30. 9.330, invoice no. 374, terms 1/10, ge general and subsidiary ledger a have zero beginning balances.) (e) Prove the Ac agreement of the control and subsidiary accounts. the chart of accounts of Mercer Company are shown Jour (LO 2 below. 101 Cash 112 Accounts Receivable 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable 401 Sales Revenue 412 Sales Returns and Allowances 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense GLS The cost of all merchandise sold was 60% of the sales price. During January, pleted the following transactions. Mercer com- Jan. 3 Purchased merchandise on account from Gallagher Co. $9,000 4 4 Purchased supplies for cash $80. Sold merchandise on account to Wheeler $5,250, invoice no. 371, terms 1/10, 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. 9 Sold merchandise on account to Linton Corp. $5,400, invoice no. 372, terms 1/10, 11 Purchased merchandise on account from Cora Co. $3,700. Paid in full Gallagher Co. on account less a 2% discount. 13 13 Made cash sales for the week totaling $6,260. Received payment from Linton Corp. for invoice no. 372. 15 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, 19 Purchased equipment on account from Dozier Corp. $5,500. 20 Cash sales for the week totaled $3,200, 20 Paid in full Phegley Co. on account less a 2% discount handise on account from Gallagher Co. $7,800 Purchasedn account from Atchison Corp. $5,100 24 Purchased merchandise on A 27 Made cash sales for the week totaling $4,230 30 Received-monthly saa 31 Paid semi-monthly salaries 31 vment from Delaney Co. for invoice no. 373. o e of $13,200 to employees. Sold merchandise on account io Wheelkr $9, 30, n n/30. 9.330, invoice no. 374, terms 1/10, ge
