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P7.4 (LO 2, 3) Selected accounts from the chart of accounts of Meng Enterprises are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable

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P7.4 (LO 2, 3) Selected accounts from the chart of accounts of Meng Enterprises 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 Jan. 3 + January 3. The cost of all merchandise sold was 60% of the sales price. During January, Meng completed the following transactions (amounts in thousands) Purchased merchandise on account from Gum Co. 19,000. Purchased supplies for cash V80. 4 Sold merchandise on account to Wei Y5.250, invoice no. 371. terms 1/10, 1/30, 5 Returned Y300 worth of damaged goods purchased on account from Gum Co. on 6 Made cash sales for the week totaling 43.150. 8 Purchased merchandise on account from Pang Co. 14,500. 9 Sold merchandise on account to Loeng Corp. 15,400, invoice no. 372, terms 1/10, 1/30. 11 Purchased merchandise on account from Che Co. 43.700. 13 Paid in full Gum Co, on account less a 2% 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 14,300 to employees. 17 Received payment from Wei for invoice no. 371. 17 Sold merchandise on account to Dyun Co. 1.200, invoice no. 373. terms 1/10, 1/30. 19 Purchased equipment on account from Ziu Corp. 5.500. 20 Cash sales for the week totuled X3,200. 20 Paid in full Pang Co. on account less a 2% discount 23 Purchased merchandise on account from Gum Co. 7.800. 24 Purchased merchandise on account from Yap Corp. 75.100, 27 Made cash sales for the week totaling 4.230. 30 Received payment from Dyun Co for invoice no. 373. 31 Paid semi-monthly salaries of 13.200 to employees 31 Sold merchandise on account to Wei 9330, invoice no. 374. terms 1/10, 1/30. Meng uses the following journals. 1. Sales journal. 2. Single-column purchases journal. Cash receipts journal with columns for Cash Dr Sales Discounts Et Accounts Receivable C Sales Revenue Cr.. Other Accounts Crand Cast of Goods Sold Drventory Co. 4. Cash payments journal with columns for Other Accounts Des Accounts Payabile DriInventory Co. and Cash Cr =? 5. General journal Instructions Using the selected accounts provided: 1. Record the Sumary transactions in the appropriate journal noted h. Foot and cross-foot all special journals. Show how postings would be made by placing ledger account numbers and checkmarks as needed In the journals. (Actual pesting to ledger accounts is not required.)

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