Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Selected accounts from the chart of accounts of Pharoah 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, Pharoah completed the following transactions.

Jan. 3 Purchased merchandise on account from Gallagher Co. $10,000.
4 Purchased supplies for cash $80.
4 Sold merchandise on account to Wheeler $6,150, invoice no. 371, terms 1/10, n/30.
5 Returned $600 worth of damaged goods purchased on account from Gallagher Co. on January 3.
6 Made cash sales for the week totaling $3,110.
8 Purchased merchandise on account from Phegley Co. $4,700.
9 Sold merchandise on account to Linton Corp. $5,500, invoice no. 372, terms 1/10, n/30.
11 Purchased merchandise on account from Cora Co. $3,770.
13 Paid in full Gallagher Co. on account less a 2% discount.
13 Made cash sales for the week totaling $6,100.
15 Received payment from Linton Corp. for invoice no. 372.
15 Paid semi-monthly salaries of $13,600 to employees.
17 Received payment from Wheeler for invoice no. 371.
17 Sold merchandise on account to Delaney Co. $2,680, invoice no. 373, terms 1/10, n/30.
19 Purchased equipment on account from Dozier Corp. $5,820.
20 Cash sales for the week totaled $2,550.
20 Paid in full Phegley Co. on account less a 2% discount.
23 Purchased merchandise on account from Gallagher Co. $7,990.
24 Purchased merchandise on account from Atchison Corp. $5,130.
27 Made cash sales for the week totaling $4,900.
30 Received payment from Delaney Co. for invoice no. 373.
31 Paid semi-monthly salaries of $13,940 to employees.
31 Sold merchandise on account to Wheeler $9,700, invoice no. 374, terms 1/10, n/30.

Mercer Company uses the following journals.

1. Sales journal.
2. Single-column purchases journal.
3. Cash receipts journal.
4. Cash payments journal.
5. General journal.

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.)

image text in transcribedimage text in transcribed

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

Public Sector Accounting And Budgeting For Non-Specialists

Authors: G. Jan Van Helden, Ron Hodges

1st Edition

1137376988, 9781137376985

More Books

Students also viewed these Accounting questions

Question

Graph y = 40x: + 160, x > 0.

Answered: 1 week ago

Question

Describe in words the surface whose equation is given. = /3

Answered: 1 week ago