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Question 1 Selected accounts from the chart of accounts of Mercer Company are shown below 401 Sales Revenue 101 Cash 112 Accounts Receivable 412 Sales
Question 1 Selected accounts from the chart of accounts of Mercer Company are shown below 401 Sales Revenue 101 Cash 112 Accounts Receivable 412 Sales Returns and Allowances 414 Sales Discounts 120 Inventory 126 Supplies 505 Cost of Goods Sold 726 Salaries and Wages Expense 157 Equipment 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. $10,400 4 Purchased supplies for cash $70 4 Sold merchandise on account to Wheeler $5,790, 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 $3,170. 8 Purchased merchandise on account from Phegley Co. $6,000. 9 Sold merchandise on account to Linton Corp. $6,500, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Cora Co. $3,620. 13 Paid in full Gallagher Co. on account less a 2% discount. 13 Made cash sales for the week totaling $6,970. 15 Received payment from Linton Corp. for invoice no. 372. 15 Paid semi-monthly salaries of $14,200 to employees 17 Received payment from Wheeler for invoice no. 371 17 Sold merchandise on account to Delaney Co. $1,160, invoice no. 373, terms 1/10, n/30 19 Purchased equipment on account from Dozier Corp. $5,260 20 Cash sales for the week totaled $3,890. 20 Paid in full Phegley Co. on account less a 2% discount. 23 Purchased merchandise on account from Gallagher Co. $7,910 24 Purchased merchandise on account from Atchison Corp. $5,030 27 Made cash sales for the week totaling $4,430. 30 Received payment from Delaney Co. for invoice no. 373. 31 Paid semi-monthly salaries of $13,640 to employees. 31 Sold merchandise on account to Wheeler $9,260, 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. Question 1 Selected accounts from the chart of accounts of Mercer Company are shown below 401 Sales Revenue 101 Cash 112 Accounts Receivable 412 Sales Returns and Allowances 414 Sales Discounts 120 Inventory 126 Supplies 505 Cost of Goods Sold 726 Salaries and Wages Expense 157 Equipment 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. $10,400 4 Purchased supplies for cash $70 4 Sold merchandise on account to Wheeler $5,790, 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 $3,170. 8 Purchased merchandise on account from Phegley Co. $6,000. 9 Sold merchandise on account to Linton Corp. $6,500, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Cora Co. $3,620. 13 Paid in full Gallagher Co. on account less a 2% discount. 13 Made cash sales for the week totaling $6,970. 15 Received payment from Linton Corp. for invoice no. 372. 15 Paid semi-monthly salaries of $14,200 to employees 17 Received payment from Wheeler for invoice no. 371 17 Sold merchandise on account to Delaney Co. $1,160, invoice no. 373, terms 1/10, n/30 19 Purchased equipment on account from Dozier Corp. $5,260 20 Cash sales for the week totaled $3,890. 20 Paid in full Phegley Co. on account less a 2% discount. 23 Purchased merchandise on account from Gallagher Co. $7,910 24 Purchased merchandise on account from Atchison Corp. $5,030 27 Made cash sales for the week totaling $4,430. 30 Received payment from Delaney Co. for invoice no. 373. 31 Paid semi-monthly salaries of $13,640 to employees. 31 Sold merchandise on account to Wheeler $9,260, 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
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