Problem 7-04A Your answer is partially correct. Try again. Selected accounts from the chart of accounts of Ivanhoe Company 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 The cost of all merchandise sold was 60% of the sales price. During January, Ivanhoe completed the following transactions. Jan. 3 Purchased merchandise on account from Gallagher Co. $9,000. 4 Purchased supplies for cash $90. 4 Sold merchandise on account to Wheeler $5,800, invoice no. 371, terms 1/10, n/30. 5 Returned $200 worth of damaged goods purchased on account from Gallagher Co. on January 3. 6 Made cash sales for the week totaling $3,380. 8 Purchased merchandise on account from Phegley Co. $5,800. 9 Sold merchandise on account to Linton Corp. $6,700, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Cora Co. $3,750. 13 Paid in full Gallagher Co. on account less a 2% discount. 13 Made cash sales for the week totaling $6,150. 15 Received payment from Linton Corp. for invoice no. 372. 15 Received payment IPUI LIRILOR LOR. TOP INVoice nu. 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. $2,420, invoice no. 373, terms 1/10, n/30. 19 Purchased equipment on account from Dozier Corp. $5,750. 20 Cash sales for the week totaled $3,320. 20 Paid in full Phegley Co. on account less a 2% discount. 23 Purchased merchandise on account from Gallagher Co. $7,740. 24 Purchased merchandise on account from Atchison Corp. $5,070. 27 Made cash sales for the week totaling $4,650. 30 Received payment from Delaney Co. for invoice no. 373. 31 Paid semi-monthly salaries of $12,430 to employees. 31 Sold merchandise on account to Wheeler $9,890, 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 displayed in the problem statement.) Cash Receipts Journal Ref. Cash Dr. Sales Discounts Dr. Accounts Receivable Cr. CR1 Cost of Goods Sold Dr. Costa Inventory Cr. Sales Revenue Cr. Other Accounts Cr. 3380 3380 2028 Date Account Credited Jan. 6 - 1 Jan. 131 Jan. 15 3 T Linton Corp. Linto 6150 6150 3690 , 6700 T Wheeler 1992 4650 2790 Jan. 30 4 Delaney Co. A v 17500 10500 (101) (414) (401) (505)(120) Cash Payments Journal Other Accounts Dr. CP1 Cash Cr. Date Account Debited Ref. Accounts Payable Dr. Inventory Cr. Jan. 4 Supplies 90 90 Gallagher Co. + 9000 8820 Salaries and Wages Expense 14700 14700 Phegley Co. 5800 5684 Salaries and Wages Expense 726 12430 12430 ............. 14800 2961 41724 27220 (X) (201) (120) (101) Click if you would uko to Show Work for this action. Onen Show Work
