Presented below are selected accounts from the chart of accounts of Crane Company. The cost of all merchandise sold was 60% of the sales price. During January, Crane completed the following transactions. Jan. Purchased merchandise on account from Gallagher Co, $10,500. 3 4 Purchased supplies for cash 580. 4 Sold merchandise on account to Wheeler $5.670, invoice 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 $3,800. 8 Purchased merchandise on account from Phegley Co. $5.000. 9 Sold merchandise on account to Linton Corp. 55.300, imvoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Cora Co. 53.650. 13 Paid in full Gallagher Co. on account less a 2% discount. 13 Made cashsales for the week totaling $5,970. 15 Received payment from Linton Corp. for invoice no. 372 15 Paid semi-monthly salaries of $13,000 to employees. 17 Received payment from Wheeler for invoice no. 371. 17 Sold merchandise on account to Delaney Co. $2.880, invoice no. 373, terms 1/10,n/30. 19 Purchased equipment on account from Dozier Corp. \$5,770. 20 Cash sales for the week totaled $3,740. 20 Paid in full Phegley Co. on account less a 2% discount. 23 Purchased merchandise on account from Gallagher Co. \$7.030. 24 Purchased merchandise on account from Atchison Corp. $5,440. 27 Made cash sales for the week totaling $4,620. 30 Received payment from Delaney Co. for invoice no. 373. 31 Paid semi-monthly salaries of $13,190 to employees. 31 Sold merchandise on account to Wheeler $9,310. 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. Using the selected accounts provided: Record and post the January transactions in the appropriate journal noted. Foot and cross foot all special journals. (Record entries in the order disployed in the problem statement.) Purchases Journal Inventory Dr. Date Aocount Credited Ref. Accounts Payable Cr. (120)(201) (Credit occount titles are outomotically indented when amount is entered. Do not indent manually. Record joumal entries in the order presented in the problem. List all debit entries before credit entries) Cash Receipts Journal Date Account Credited Ref. Cash Dr. Sales Discounts Dr. Account x Cash Payments Journal \begin{tabular}{rrr|} \hline Date & Account Debited & Ref. \\ \hline & & 126 \\ \hline \end{tabular} 726 726
