Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected accounts from the chart of accounts of Ivanhoe Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Selected accounts from the chart of accounts of Ivanhoe Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Ivanhoe completed the following transactions Jan 3 Purchased merchandise an account from Gallagher Co. $10,400 4 4 5 Purchased supplies for cash 570 Sold merchandise on account to Wheeler $5,790, invoice no, 371, terms 1/10,6/30 Returned $300 worth of damaged goods purchased on account from Gallagher Co. on January Made cash sales for the week totaling $3.170 Purchased merchandise on account from Phegley Co $6.000 Sold merchandise on account to Linton Corp. $6.500 Invoice no. 372. terms 1/10.30 6 B 11 Purchased merchandise on account from Cora Co 51.620 13 13 15 15 17 17 19 Paid in full Gallagher Co. on accountless a 2% discount Made cash sales for the week totaling $6.970. Received payment from Linton Corp. for Invoice no. 372. Paid semi-monthly salaries of $14.200 to employees. Received payment from Wheeler for Invoice no. 371. Sold merchandise on account to Delaney Co. 51,160, invoice no, 373, terms 1/10, 1/30 Purchased equipment on account from Dozier Corp. 55.260 Cash sales for the week totaled $3,890 Paid in full Phegley Co. on accountless a 2% discount Purchased merchandise on account from Gallagher Co 57,910. Purchased merchandise on account from Atchison Corp. $5.030 Made cash sales for the week totaling $4,430. Received payment from Delaney Co for invoice no: 373 20 20 23 24 27 30 31 Paid semi-monthly salaries of $13.640 to employees 31 Sold merchandise on account to Wheeler 59.260, Invoice no. 374 terms 1/10,0/30 Mercer Company uses the following journals. 1 2 3 Sales journal Single-column purchases journal. Cash receipts journal Cash payments journal General journal 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 entries in the order displayed in the problem statement.) Sales Journal S1 Date Account Debited Invoice No. Ref. Accounts Receivable Dr. Sales Revenue Cr. Cost of Goods Sold Dr. Inventory Cr. . (112)(401) (505)(120) Purchases Journal P1 Date Account Credited Inventory Dr. Accounts Payable Cr. Ref. DDDDD 4 (120)(201) General Journal Date Account Titles and Explanation Debit Credit Cash Receipts Journal Date Account Credited Ref. Cash Dr. Sales Discounts Dr. Accounts Res Cr. . (101) (414) (112) Journal CR1 Cost of Goods Sold Dr. Inventory Cr. Accounts Receivable Cr. nts Dr. Sales Revenue Cr. Other Accounts Cr. (112) (401) (X) (505)(120) Cash Payments Journal Other Accounts Dr. Date Account Debited Ref. Accounts Payable Dr. Inven 126 726 726 (X) x (201) CP1 Cash Payments Journal Other Accounts Dr. Ref. Accounts Payable Dr. Inventory Cr. Cash Cr. 126 726 726 (X) (201) (120) (101)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of International Financial Accounting And Reporting

Authors: Roger Hussey

1st Edition

9814280232, 9789814280235

More Books

Students also viewed these Accounting questions