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hi! can you please help me with this? The cost of all merchandise sold was 60% of the sales price. During January. Mercer completed the
hi! can you please help me with this?
The cost of all merchandise sold was 60% of the sales price. During January. Mercer completed the following transactions. Jan. Purchased merchandise on account from Gallagher Co. $9.000. 4 Purchased supplies for cash $80. 4 Sold merchandise on account to Wheeler $5,250, imvoice 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 9 Sold merchandise on account to Linton Corp. 55,400 , invoice no. 372, terms 1/10, n30. 11 Purchased merchandise on account from Cora Co. 53,700. 13 Paid in full Gallagher Co.on account less a 2% discount. 13 Mate cash sales for the week totaline 56,260 . 15 Received payment trom Lutun Corp. for irvoice no. 372. 15 Paid semi inonthly salaries of $14,300 to employeres. 15 Recelved payment from Linton Corp. for invoice no. 372. 15 Paid semi-monthly salaries of $14,300 to employees. 17 Recelved 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. 20 Cash sales for the week totaled \$3,200. 20 Paid in full Phegley Co, on account less a 2% discount. 23 Purchased merchandise on account from Gallagher Co. \$7.800. 24 Purchased merchandise on account from Atchison Corp. 35,100. 27 Made cash sales for the week totaling $4,230. 30 Received payment from Delaney Ca. for invoice no. 373 . 31 Paid sermi-monthly salaries of $13.200 to employees. 31 Sold merchandise on account to Wheeler $9,330, invoice no. 374, terms 1/10,n/30. Mercer Company uses the following journals. 1. Sales journal. 2. Single-column purehases journal. 3. Cash receiptsjournal. 4. Cashpayments journal. 5. General journal Step by Step Solution
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