60.1K

Verified Solution

Link Copied!

Presented below are selected accounts from the chart of accounts of Crane Compary. The cost of all merchandise sold was 60% of the sales price. During January, Crane completed the following transaction Jan: Purchased merchandise on account from Gallagher Co, $10,400. 3 4 Purchased supplies for cash $90 4 Sold merchandise on account to Wheeler $6,600, invoice no, 371 , terms 1/10,130. 5 Returned $400 werth of damaged goods purchased on account from Gallsgher Co. on January 3. 6 Made cash sales for the week totaling $3.850. 8 Purchased merchandise on account from Phezley Co, 55,400 9 Sold merchandise on account to Linton Corp. 55,200 , involce no, 372, terms 1/10,n/30. 11 Purchased merchandise on account from Cora Co, $3,570 13 Paid in full Gallagher Co, on account less a 2% discount. 13 Made cash sales for the week totaling 55,890. 15. Received paymeat from tinton Corp, for imolce no. 372 15 Paid semi-monthly salaries of $14,100 to employees. Inventory Cr. Cash Cr. (120) (101) 15 Received payment from Linton Corp. for imvoice no. 372 15 Paid semt-monthly silaries of $14,100 to employees. 17 Received payment from Whecler for invoice no. 371. 17 Sold merchandise on account to Delaney CO0$2,710, invoice no. 373 , terms 1/10,n/30. 19 Purchased equipment on account from Dozier Corp. $5,840. 20 Cash sales for the week totaled $2,980. 20 Paid in full Phegley Co. on account less a 2% discount. 23 Purchased merchandise on account from Gallagher Co$7,340. 24 Purchased merchandise on account from Atchison Corp. $5,170. 27 Made cash sales for the week totaling $4,010. 30. Received payment from Delaney Co. for invoice no. 373 . 31 Paid semi-monthly salaries of $12,190 to employees: 31 Sold merchandise on account to Wheeler $9,870, invoice no. 374 , terms 1/10,n/30. Mercer Company uses the following journals. 1. Sales journat: 2. Single-column purchases journal. 3. Cash receipts journal. 4. Cash payments journal. 5. General journal

Answer & Explanation Solved by verified expert

See Answer