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sales journal, purchases journal, general journal, cash payments/reciepts journal entires. Selected accounts from the chart of accounts of Pharoah Company are shown below. 101 Cash
sales journal, purchases journal, general journal, cash payments/reciepts journal entires.
Selected accounts from the chart of accounts of Pharoah Company are shown below. 101 Cash 401 112 Accounts Receivable 412 120 Inventory 414 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense 126 Supplies 505 157 726 Equipment Accounts Payable 201 The cost of all merchandise sold was 60% of the sales price. During January, Pharoah completed the following transactions Purchased merchandise on account from Gallagher Co. $10.200. Jan 3 4 Purchased supplies for cash $80 4 Sold merchandise on account to Wheeler 55.920, involce na 371. terms 1/10.30 5 Returned $500 worth of damaged goods purchased on account from Gallagher Co on January 3, Made cash sales for the week totaling 53,670 - / 100 The cost of all merchandise sold was 60% of the sales price. During January, Pharoah completed the following transactions Jan 3 Purchased merchandise on account from Gallagher Co $10.200 4 Purchased supplies for cash 580. 4 5 6 8 Sold merchandise on account to Wheeler $5.920, invoice no. 371, terms 1/10, 1/30 Returned $500 worth of damaged goods purchased on account from Gallagher Co. on January Made cash sales for the week totaling $3.670. Purchased merchandise on account trom Phesley Ca 56.800 Sold merchandise on account to Linton Corx $6.000, Invoice 19. 372. torm 1/10,1/30 Purchased merchandise on account from Cora Co $3540 Paid in full Gallagher Co. on accountless a 2% discount 9 11 13 13 Made cash sales for the week totaling $6,560 15 Received payment from Linton Corp. for invoice na 372 15 Paid semi-monthly cles of $13,000 to employees 17 Received payment from Wheeler for invoice no. 37 Sold merchandise on account to Delaney Co 51.020, Invoice na 373 terms 1/10,30 17 19 130 20 Purchased equipment on account from Dozier Corp. $5,130, Cash sales for the week totaled $2,750. Paid in full Phegley Co. on accountless a 2% discount. 20 23 24 27 Purchased merchandise on account from Gallagher Co $7.940. Purchased merchandise on account from Atchison Corp. $4,750. Made cash sales for the week totaling $4.840. Received payment from Delaney Co.for invoice no. 373. Pald semi-monthly salaries of $13,800 to employees, Sold merchandise on account to Wheeler $9,680, invoice no. 374, terms 1/10, 1/30. 30 31 31 Mercer Company uses the following journals. 1 Sales journal 2 Single-column purchases journal, Mercer Company uses the following journals. 1. 2. 3. Sales journal. Single-column purchases journal. Cash receipts journal Cash payments journal. General journal. 4. 5. Using the selected accounts provided: Record and Post the January transactions in the appropriate journal noted. Foot and cross-foot all special journals. (Record entrie the order displayed in the problem statement.) 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 SI Date Account Debited Accounts Receivable Dr. Sales Revenue Cr. Invoice No. Ref. Cost of Goods Sold Dr. Inventory Cr. . . (112401) (S05X120) Purchases Journal P1 Date Account Credited Ref. Inventory Dr. Accounts Payable Cr. . . V (120)(201) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) General Journal Date Account Titles and Explanation Debit Credit Cash Receipts Journal Accounts Rey Ref. Cash Dr. Sales Discounts Dr. Date Account Credited Cash Receipts Journal Date Account Credited Ref. Cash Dr. Sales Discounts Dr. Accounts Rei Cr. (112 (101) (414) (1917 REZ) Cash Payments Journal ite Account Debited Ref. Other Accounts Dr. Accounts Payable Dr. Inventory 126 . 726 : - 726 (201) (120) (X Textbook and Media Step by Step Solution
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