P7-4A Selected accounts from the chart of accounts of Mercer Company are shown Journai trnsactions i pecial joumals (LO 2, 3) 101 Cash 112 Accounts Receivable 120 Inventory 126 Supplies 57 Eqipement 201 Accounts Pavable 401 Sales Revenue 412 Sales Retums 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, Mercer com- pleted the following transactions 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. 371terms 1/ 10, 5 Returned $300 worth of damaged goods purchased on account from Gallagher Co. on Jarmary 3 6 Made cash sales for the week totaling $3,150 8 Purchased merc handise on account from Phegley Co. $4,500 9 Sold mere handise on account to Linton Corp. $5,400, invoice no. 372, terms 1/10 11 Purchased mer handise on accourfrom Cora Co$3,700. 13 Paid in full Gallagher Co, on account less a 2% discount 13 Made cash sales for the week totaling $6,260 15 Received payment from Linton Corp. for invoice no 372 15 Paid ser -monthly salaries of $14,300 toenployees 17 Received payment from Wheeler for invoice no. 37 17 Sold merchandise on account to Delaney Co. $1,200, invoice no. 373,terms 1/10 V30 19 Purchased equipment on account from Dozier Corp. $5,500 20 Cash sales for the week totaled $3,200 20 Paad in full Phegley Co. on account less a 2% discount. 23 Purchased mere handise on account from Gall agher Co $7,800 24 Purchased merchandise on account from Atchison Corp. $5,100. 27 Made cash sales for the weck totaling $4,230 30 Received payment from De laney Co. for invoice no 373 Paid emi-monthly salaries of $13,200 to employees 31 Sold merchandise on account to Wheeler $9,330, invoice no. 374, terms 1/10 P7-4A Selected accounts from the chart of accounts of Mercer Company are shown Journai trnsactions i pecial joumals (LO 2, 3) 101 Cash 112 Accounts Receivable 120 Inventory 126 Supplies 57 Eqipement 201 Accounts Pavable 401 Sales Revenue 412 Sales Retums 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, Mercer com- pleted the following transactions 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. 371terms 1/ 10, 5 Returned $300 worth of damaged goods purchased on account from Gallagher Co. on Jarmary 3 6 Made cash sales for the week totaling $3,150 8 Purchased merc handise on account from Phegley Co. $4,500 9 Sold mere handise on account to Linton Corp. $5,400, invoice no. 372, terms 1/10 11 Purchased mer handise on accourfrom Cora Co$3,700. 13 Paid in full Gallagher Co, on account less a 2% discount 13 Made cash sales for the week totaling $6,260 15 Received payment from Linton Corp. for invoice no 372 15 Paid ser -monthly salaries of $14,300 toenployees 17 Received payment from Wheeler for invoice no. 37 17 Sold merchandise on account to Delaney Co. $1,200, invoice no. 373,terms 1/10 V30 19 Purchased equipment on account from Dozier Corp. $5,500 20 Cash sales for the week totaled $3,200 20 Paad in full Phegley Co. on account less a 2% discount. 23 Purchased mere handise on account from Gall agher Co $7,800 24 Purchased merchandise on account from Atchison Corp. $5,100. 27 Made cash sales for the weck totaling $4,230 30 Received payment from De laney Co. for invoice no 373 Paid emi-monthly salaries of $13,200 to employees 31 Sold merchandise on account to Wheeler $9,330, invoice no. 374, terms 1/10
