Selected accounts from the chart of accounts of Boyden Company are shown below.

101 Cash 120 Merchandise Inventory 112 Accounts Receivable 126 Supplies 157 Equipment 414 Sales Discounts 201 Accounts Payable 505 Cost of Goods Sold 401 Sales 726 Salaries Expense 412 Sales Returns and Allowances

The cost of all merchandise sold was 60% of the sales price. During January, Boyden completed the following transactions.

Jan. 3 Purchased merchandise on account from Wortham Co. $10,000.

Jan. 4 Purchased supplies for cash $80. Jan. 4 Sold merchandise on account to Milam $5,250, invoice no. 371, terms 1/10, n/30.

Jan. 5 Returned $300 worth of damaged goods purchased on account from Wortham Co. on January 3.

Jan. 6 Made cash sales for the week totaling $3,150.

Jan. 8 Purchased merchandise on account from Noyes Co. $4,500.

Jan. 9 Sold merchandise on account to Connor Corp. $6,400, invoice no. 372, terms 1/10, n/30.

Jan. 11 Purchased merchandise on account from Betz Co. $3,700.

Jan. 13 Paid in full Wortham Co. on account less a 2% discount.

Jan. 13 Made cash sales for the week totaling $6,260.

Jan. 15 Received payment from Connor Corp. for invoice no. 372.

Jan. 15 Paid semi-monthly salaries of $14,300 to employees.

Jan. 17 Received payment from Milam for invoice no. 371.

Jan. 17 Sold merchandise on account to Bullock Co. $1,200, invoice no. 373, terms 1/10, n/30.

Jan. 19 Purchased equipment on account from Murphy Corp. $5,500.

Jan. 20 Cash sales for the week totaled $3,200. Jan. 20 Paid in full Noyes Co. on account less a 2% discount.

Jan. 23 Purchased merchandise on account from Wortham Co. $7,800.

Jan. 24 Purchased merchandise on account from Forgetta Corp. $5,100.

Jan. 27 Made cash sales for the week totaling $4,230.

Jan. 30 Received payment from Bullock Co. for invoice no. 373.

Jan. 31 Paid semi-monthly salaries of $13,200 to employees.

Jan. 31 Sold merchandise on account to Milam $9,330, invoice no. 374, terms 1/10, n/30.

Boyden Company 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 Cr., Other Accounts Cr., and Cost of Goods Sold Dr./Merchandise Inventory Cr.

4. Cash payments journal with columns for Other Accounts Dr., Accounts Payable Dr., Merchandise Inventory Cr., and Cash Cr.

5. General journal.

Instructions Using the selected accounts provided: Record the January transactions in the appropriate journal noted