NEED ANSWER ASAP PLEASE Selected accounts from the chart of

NEED ANSWER ASAP PLEASE !!

Selected accounts from the chart of accounts of Mercer Company are shown below.

The cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following transactions.

Mercer Company uses the following journals.

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.)

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

es Journa S1 Accounts Receivable Dr. Sales Revenue Cr. Cost of Goods Sold Dr. Inventory Cr. Date Account Debited Invoice No. Ref. (112)(401) (505) (120) Purchases Journal P1 Inventory Dr. Date Account Credited Ref. Accounts Payable Cr.

Solution

Sales Journal Date Account Debited Invoice No. Ref. Accounts Receivable Dr. Sales Revenue Cr. Cost of Goods Sold Dr. Inventory Cr. 4-Jan Wheeler 371                                   5,260.00                                   3,156.00 9-Jan Linton Corp. 372                                   6,100.00                                   3,660.00 17-Jan Delaney Co 373                                   2,920.00                                   1,752.00 31-Jan Wheeler 374                                   9,480.00                                   5,688.00                                 23,760.00                                14,256.00 Purchase Journal Date Account Credited Ref. Inventory Dr. Accounts Payable Cr. 3-Jan Gallagher Co.                            9,200.00 8-Jan Phegley Co.                            5,200.00 11-Jan Cora Co                            3,560.00 23-Jan Gallagher Co.                            7,080.00 24-Jan Atchison Corp.                            4,730.00                          29,770.00 General Journal Date Accounts Titles & Explanation Debit Credit 5-Jan Accounts Payable - Gallagher Co.       200.00    Merchandise Inventory       200.00 (To record the inventory return) 19-Jan Equipment    5,570.00    Accounts Payable - Dozier Corp.    5,570.00 (To record purchase of equipment) Cash Receipts Journal Date Account Credited Ref. Cash Dr. Sales Discount Dr. Accounts Receivable Cr. Sales Revenue Cr. Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr. 6-Jan          3,240.00           3,240.00                                1,944.00 13-Jan          5,930.00           5,930.00                                3,558.00 15-Jan Linton Corp.          6,039.00                   61.00                   6,100.00 17-Jan Wheeler          5,260.00                   5,260.00 20-Jan          3,940.00           3,940.00                                2,364.00 27-Jan          4,370.00           4,370.00                                2,622.00 30-Jan Delaney Co          2,920.00                   2,920.00        31,699.00                   61.00                 14,280.00         17,480.00                          -                               10,488.00 Cash Payments Journal Date Account Debited Ref. Other Accounts Dr. Accounts Payable Dr. Inventory Dr. Cash Cr. 4-Jan Supplies 126                  90.00                   90.00 13-Jan Gallagher Co.              9,000.00                   180.00             8,820.00 15-Jan Salaries Expenses 726          14,500.00           14,500.00 20-Jan Phegley Co.              5,200.00                   104.00             5,096.00 31-Jan Salaries Expenses 726          13,870.00           13,870.00          28,460.00            14,200.00                   284.00           42,376.00