Problems 7-37 Jan. 3 The cost of all merchandise sold was 60% of the sales price. During January, Meng completed the following transactions (amounts in thousands) Purchased merchandise on account from Gum Co. 19.000 4 Purchased supplies for cash V80. 4 Sold merchandise on account to Wei 5.250, invoice no, 371, terms 1/10, 1/30. 5 Returned V300 worth of damaged goods purchased on account from Gum Coon January 3, 6 Made cash sales for the week totaling V3.150. 8 Purchased merchandise on account from Pang Co. 44.500. 9 Sold merchandise on account to Loeng Corp. 15.400, invoice no, 372, terms 1/10, 1/30, 11 Purchased merchandise on account from Che Co. 3,700. 13 Paid in full Gum Co, on account less a 25% discount 13 Made cash sales for the week totaling V6.260. 15 Received payment from Loeng Corp. for invoice no. 372. 15 Paid semi-monthly salaries of V14.300 to employees 17 Received payment from Wei for invoice no. 371. 17 Sold merchandise on account to Dyun Co.V1.200 invoice no. 373, terms 1/10, 1/30 19 Purchased equipment on account from Ziu Corp. 15.300 20 Cash sales for the week totaled V3.200. 20 Paid in full Pang Co. on accountless a 25 discount 23 Purchased merchandise on account from Gum Co, 17.800. 24 Purchased merchandise on account from Yap Corp. 5.100 27 Made cash sales for the week totaling 94.230. 30 Received payment from Dyun Co. for invoice no. 373. 31 Pald semi-monthly salaries of V13.200 to employees 31 Sold merchandise on account to Wei 19,330, invoice no. 374, terms 1/10, 1/30 Meng uses the following journals, 1. Sales journal 2. Single-column purchases journal. 3. Cash receipts journal with columns for Cash Dr. Sales Discounts Dr. Accounts Receivable Cr. Sales Revenue Cr., Other Accounts Cr., and Cost of Goods Sold Dr/Inventory Cr 4. Cash payments journal with columns for Other Accounts Dr. Accounts Payable Dr, Inventory Cr. and Cash Cr. 5. General journal Instructions Using the selected accounts provided: Record the January transactions in the appropriate journal noted b. Foot and cross-foot all special journals. c. Show how postings would be made by placing led per account numbers and checkmarks as needed in the journals. (Actual posting to ledger accounts is not required.) Sales journal 121,100 Purchases journal 30,100 Cash receipts Journal balancing total 38,794 Cash payments journal balancing total 40,760