Presented below are selected accounts from the chart of accounts of Sunland Company 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. Sunland completed the following transactions. Jan. Purchased merchandise on account from Gallagher Co. $10.100 3 4 Purchased supplies for cash $90. 4 Sold merchandise on account to Wheeler $6,000, invoice no. 371, terms 1/10, n/30 5 Returned $500 worth of damaged goods purchased on account from Gallagher Co. on January 3. 6 Made cash sales for the week totaling $3,840. 8 Purchased merchandise on account from Phegley Co. $5.600. 9 Sold merchandise on account to Linton Corp. $7,800, invoice no. 372, terms 1/10, n/30 11 Purchased merchandise on account from Cora Co. $3.630. 13 Paid in full Gallagher Co. on account less a 2% discount. 13 Made cash sales for the week totaling $5,380. 15 Received payment from Linton Corp. for invoice no. 372. 15 Paid semi-monthly salaries of $14,700 to employees. 17 Received payment from Wheeler for invoice no. 371. 17 Sold merchandise on account to Delaney Co. $1.160, invoice no. 373, terms 1/10, n/30 19 Purchased equipment on account from Dozier Corp. $5.070 20 Cash sales for the week totaled $4,230 20 Paid in full Phegley Co. on account less a 2% discount. 23 Purchased merchandise on account from Gallagher Co. $7,570, 24 Purchased merchandise on account from Atchison Corp. $5.000. 27 Made cash sales for the week totaling $4,790. 30 Received payment from Delaney Co. for invoice no. 373 31 Paid semi-monthly salaries of $12.060 to employees 31 Sold merchandise on account to Wheeler $9.620, 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 Sales Journal Date Account Debited Invoice No. Ref. Accounts Receivable Dr. Sales Revenue Cr.. Jan. 4 Wheeler 371 6690 Jan. 9 Linton Corp. 372 # 6600 Jan. 17 # Delaney Co. : 373 Jan. 31: Wheeler 374 S1 Cost of Goods Sold Dr. Inventory Cr. 4014 3960 1730 1038 9500 5700 24520 (112)(401) 14712 (505)(120) Purchases Journal P1 Inventory Dr. Date Account Credited Ref. Accounts Payable Cr. Jan. 3 Gallagher Co. 9900 Jan. 5 Gallagher Co. Jan. 8 Phegley Co. Jan. 11 Cora Co. Jan. 24 # Gallagher Co. (120)(201) -500 4900 3590 7390 17890 (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) General Journal Date Account Titles and Explanation Debit 9900 Jan. 3 Inventory Accounts Payable Jan. 4: Supplies Cash 80 Credit 9900 80 Cash Receipts Journal Accounts Datel Account Credited Ref. Cash Dr. Sales Discounts Dr. Jan. 6 Linton Corp Jan 13 Phegley Co. Jan. 15: Atchison Corp. : Jan. 17 Linton Corp Jan 20: Linton Corp Jan. 27 : Atchison Corp Jan. 30 # Atchison Corp. : 3740 6630 6534 66 V 6623 67 (101) 4130 4780 17 1713 24150 (414) 150 (1) al ] ] ] alal Accounts Receivable Cr. (112) 6600 6690 1730 15020 Sales Revenue Cr. Other Accounts Cr. (401) 8 CR1 Cost of Goods Sold Dr. Inventory Cr. (505)(120) Cash Payments Journal Date Account Debited Ref. Other Accounts Dr. Accounts Payable Dr. In Jan. 4: Supplies 126 80 Jan. 13 Atchison Corp V Jan. 15 Salaries and Wages Expense 726 13900 Jan. 20 # Atchison Corp V Jan. 31 # Salaries and Wages Expense 726 13660 (X) 27640 (201) 9400 4900 14300 Ref. Cash Payments Journal CP1 Other Accounts Dr. Accounts Payable Dr. Inventory Cr. Cash Cr. 126 80 726 13900 v 726 13660 (X) 27640 (201) 9400 4900 14300 (120) 188 286 (101) 80 9212 13900 4802 13660 41654