*Problem 7-4A Selected accounts from the chart of accounts of Mercer Company are shown below 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 505 Cost of Goods Sold 126 Supplies 726 Salaries and Wages Expense 157 quipment 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following transactions Jan. 3 Purchased merchandise on account from Gallagher Co. $9,200 Purchased supplies for cash $90 4 4 Sold merchandise on account to Wheeler $5,260, invoice n o. 371 erms 1/10, n/30 5 Returned $200 worth of damaged goods purchased o n account from Gallagher Co. on January 3 6 Made cash sales for the week tota ng $3,240 8 Purchased merchandise on account from Phegley Co. $5,200 9 Sold merchandise on account to nton Corp. $6,100, invoice o. 372, terms 1/10, n/30 11 Purchased merchandise on account from Cora Co. $3560 13 Paid in full Gallagher Co. on account less a 2% discount 13 Made cash sales for the week totaling $5,930 15 Received payment from Linton Corp. for invoice no. 372 15 Paid semi-monthly salaries of $14,500 to employees 17 Received payment from Wheeler for invoice no. 371 17 Sold merchandise on account to Delaney Co. $2,920, invoice no. 373, terms 1/10, n/30 19 Purchased equipment on account from Dozier Corp. $5,570 20 Cash sales for the week totaled $3,940 20 Paid in full Phegley Co. on account less a 2% discount 23 Purchased merchandise on account from Gallagher Co. $7,080 24 Purchased merchandise on account from Atchison Corp. $4,730 27 Made cash sales for the week totaling $4,370 30 Received payment from Delaney Co. for invoice no. 373 31 Paid semi-monthly salaries of $13,870 to employees 31 Sold merchandise on account to Wheeler $9,480, invoice no. 374, terms 1/10, n/30 Mercer Company uses the following journals. 1. Sales journa 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.) Sales Journal Accounts Receivable Dr. Cost of Goods Sold Dr Account Debited Invoice No. Sales Revenue Cr. Date Cr (112)(401) 505)(120