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 Sales Discounts 120 Inventory 414 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts Payable Jan 4 The cost of all merchandise sold was 60% of the sales price. During January. Ivanhoe completed the following transactions Purchased merchandise an account from Gallagher Co. $10.400 3 Purchased supplies for cash $70. Sold merchandise on account to Wheeler $5,790, involce no. 371, terms 1/10, 1/30 5 Returned $300 worth of damaped goods purchased on account from Gallagher Co. on January 6 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. 56-500, invoice no. 372. terms 1/10.30 4 B 9 11 Purchased merchandise on account from Cora Co. 53620 13 113 15 15 17 12 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, involce 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. 55.030 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 Pald semi-monthly salaries of $13640 to employees 31 Sold merchandise on account to Wheeler 59.260, Invoice no. 374 terms 1/10, 1/30, 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 specialjournals.(Record entries in the order displayed in the problem statement.) General Journal Date Account Titles and Explanation Debit Credit Cash Receipts Journal Date Account Credited Ref. Cash Dr. Sales Discounts Dr. Accounts Rec 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) (201) CP1 Cash Payments Journal Other Accounts Dr. Ref. Accounts Payable Dr. Inventory Cr. Cash Cr. 126 726 726 xo (201) (120) (101)
