Selected accounts from the chart of accounts of Mercer Company are shown below. 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 126 Supplies 157 Equipment 201 Accounts Payable 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense The cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following transactions. an. 3 Purchased merchandise on account from Gallagher Co. $10,800 4 Purchased supplies for cash $90 4 Sold merchandise on account to Wheeler $5,890, invoice no. 371, terms 1/10, n/30. 5 Returned S500 worth of damaged goods purchased on account from Gallagher Co. on January 3 6 Made cash sales for the week totaling $3,450 8 Purchased merchandise on account from Phegley Co. $4,100 9 Sold merchandise on account to Linton Corp, $5,300, invoice no. 372, terms 1/10, n/30 11 Purchased merchandise on account from Cora Co. $3,690 13 paid in full Gallagher Co. on account less a 2% discount. 13 Made cash sales for the week totaling $6,590 15 Received payment from Linton Corp. for invoice no. 372. 15 Paid semi-monthly salaries of $14,600 to employees. 17 Received payment from Wheeler for invoice no. 371 17 Sold merchandise on account to Delaney Co. $2,240, invoice no. 373, terms 1/10, n/30 19 Purchased equipment on account from Dozier Corp. $5,030