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Problems 74 Jan. 3 4 4 5 8 The cost of all merchandise sold was 60% of the sales price. During January, Meng completed the

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Problems 74 Jan. 3 4 4 5 8 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. 79,000. Purchased supplies for cash V80. Sold merchandise on account to Wel V5.250, invoice no, 371. terms V10,30 Returned V300 worth of damaged goods purchased on account from Gum Co. on Het January 3 6 Made cash sales for the week totaling V3.150. Purchased merchandise on account from Pang Co. 4.500 Sold merchandise on account to Loeng Corp. V5.400, invoice no. 372, terms 1/10, 1/30. Purchased merchandise on account from Che Co. 13,700. Paid in full Gum Co, on account less a 2% discount Made cash sales for the week totaling V6.260, Received payment from Loeng Corp. for invoice no. 372 15 Paid semi-monthly salaries of V14,300 to employees Received payment from Wel for invoice no. 371. Sold merchandise on account to Dyun Co.V1.200, invoice no. 373. terms 1/10, 1/30 Purchased equipment on account from Ziu Corp. 15,500 Cash sales for the week totaled V3.200. Paid in full Pang Co. on accountless a 2% discount Purchased merchandise on account from Gum Co, V7.800 Purchased merchandise on account from Yap Corp. V5.100 Made cash sales for the week totaling V4.230 Received payment from Dyun Co. for invoice no. 373. Paid semi-monthly salaries of M13.200 to employees Sold merchandise on account to Wel 19,330, invoice no. 374, terms 1/10, 130 13 13 15 17 17 19 20 20 23 24 27 30 31 31 0 M Problems 7 Jan. 3 The cost of all merchandise sold was 60% of the sales price. During January, Meng completed the following transactions (amounts in thousands) .60 Purchased merchandise on account from Gum Co. 79,000. 4 Purchased supplies for cash 180 4 Sold merchandise on account to Wei 45,250, invoice no. 371. terms V10, 30. 5 Returned 1300 worth of damaged goods purchased on account from Gum Co. on January 3. 6 Made cash sales for the week totaling V3.150. 8 Purchased merchandise on account from Pang Co. 44.500. Sold merchandise on account to Long Corp. 75,400, invoice no, 372, terms 1/10, 1/30. al Purchased merchandise on account from Che Co. 73.700. 13 Paid in full Gum Co. on account less a 2% discount. 13 Made cash sales for the week totaling V6.260, 15 Received payment from Loeng Corp. for invoice no. 372. IS 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. 15.500. 20 Cash sales for the week totaled V3.200. 20 Paid in full Pang Co. on accountless a 2% discount. 23 Purchased merchandise on account from Gum Co, 17.800 24 Purchased merchandise on account from Yap Corp. 45.100. 27 Made cash sales for the week totaling 4.230 30 Received payment from Dyun Co. for invoice no. 373. 31 IS Paid 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 C. Sales Revenue Cr.. Other Accounts Cr., and Cost of Goods Sold De/Inventory Cr. 4. Cash payments journal with columns for Other Accounts Dr, Accounts Payable De Inventory C. and Cash Cr 5. Gencral journal

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