selected accounts from the charts of accounts of mercer company ate shown below
PLUS , Study & Practice Open Assignment Weygandt, Accounting Principles, 12e Assignment Gradebook ORION Downloadable eTextbook RESOURCES nProblems Problem 7-4 Selected accounts from the chart of accounts of Mercer Company are shown below 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense Part Locel 126 Supplies 157 Equipment 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following transactions. Jan. 3 Purchased merchandise on account from Gallagher Co. $9,900 4 Purchased supplies for cash $80. 4 Sold merchandise on account to Wheeler $6,370, invoice no. 371, terms 1/10, n/30 s Returned $600 worth of damaged goods purchased on account from Gallagher Co, on January 3. 6 Made cash sales for the week totaling $3,210. 8 Purchased merchandise on acdnt from Phegley Co. $4,800. 9 Sold merchandise on account to inton Corp. $7,500, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Cora Co. $3,670. 13 paid in full Gallagher Co. on account less a 2% discount. 13 Made cash sales for the week totaling $6,700 15 Received payment from Linton Corp. for invoice no. 372. 15 Paid semi-monthly salaries of $13,800 to employees. 17 Received payment from Wheeler for invoice no. 371 17 Sold merchandise on account to Delaney Co. S2.930, in vice no. 373, terms 1/10, n/3o. DOLL PLUS , Study & Practice Open Assignment Weygandt, Accounting Principles, 12e Assignment Gradebook ORION Downloadable eTextbook RESOURCES nProblems Problem 7-4 Selected accounts from the chart of accounts of Mercer Company are shown below 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense Part Locel 126 Supplies 157 Equipment 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following transactions. Jan. 3 Purchased merchandise on account from Gallagher Co. $9,900 4 Purchased supplies for cash $80. 4 Sold merchandise on account to Wheeler $6,370, invoice no. 371, terms 1/10, n/30 s Returned $600 worth of damaged goods purchased on account from Gallagher Co, on January 3. 6 Made cash sales for the week totaling $3,210. 8 Purchased merchandise on acdnt from Phegley Co. $4,800. 9 Sold merchandise on account to inton Corp. $7,500, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Cora Co. $3,670. 13 paid in full Gallagher Co. on account less a 2% discount. 13 Made cash sales for the week totaling $6,700 15 Received payment from Linton Corp. for invoice no. 372. 15 Paid semi-monthly salaries of $13,800 to employees. 17 Received payment from Wheeler for invoice no. 371 17 Sold merchandise on account to Delaney Co. S2.930, in vice no. 373, terms 1/10, n/3o. DOLL
