Answer the questions in steps 19 Purchased equipment on account from Ziu Corp. \5,500.20 Cash sales for the week totaled ¥3,200.20 Paid in full Pang Co. on account less a 2% discount.23 Purchased merchandise on account from Gum Co. ¥7,800.24 Purchased merchandise on account from Yap Corp. ¥5,100.27 Made cash sales for the week totaling ¥4,230.30 Received payment from Dyun Co. for invoice no. 373.31 Paid semi-monthly salaries of ¥13,200 to employees.31 Sold merchandise on account to Wei ¥9,330, invoice no. 374, terms 1/10, n/30.Meng uses the following jourmals.1. Sales journal.2. Single-column purchases jourmal.3. Cash receipts joumal ith columns for Cash Dr, Sales Discounts Dr,Acounts Receivable Cir, Sales Revenue Cr, Other Accounts Cr, and Cost of Goods Sold Drinventory Cr.4. Cash payments joumal with columns for Other Accounts Dr, Accounts Payable Dr, Inventory Cr,and Cash Cr.5. General journal.InstructionsUsing the selected accounts provided:a. Record the January transactions in the appropriate journal noted.Sales journal ¥21,180Purchases journal ¥30,100Cash receipts journal balancing total ¥38,794Cash payments journal balancing total ¥40,780b. Foot and cross-foot al pecial joumals.c. Show how postings would be made by placing ledger account numbers and checkmarks as needed in the jourmals. (Actual posting to ledger accounts is not required.) P7.4 (LO 2, 3) Selected accounts from the chart of accounts of Meng Enterprises are shown below.Journalize transactions in special journals.101 Cash401 Sales Revenue112 Accounts Receivable 412 Sales Returns and Allowances|120 Inventory126 Supplies157 Equipment| 414 Sales Discounts505 Cost of Goods Sold| 726 Salaries and Wages Expense201 Accounts PayableThe cost of all merchandise sold was 60% of the sales price. During January, Meng completed the following transactions (amounts in thousands).Jan. 3 Purchased merchandise on account from Gum Co. ¥9,000.4 Purchased supplies for cash \80.4 Sold merchandise on account to Wei \5,250, invoice no. 371, terms 1/10, n/30.5 Returned ¥300 worth of damaged goods purchased on account from Gum Co. on January 3.6 Made cash sales for the week totaling \3,150.8 Purchased merchandise on account from Pang Co. \4,500.9 Sold merchandise on account to Loeng Corp. \5,400, invoice no. 372, terms 1/10, n/30.11 Purchased merchandise on account from Che Co. ¥3,700.13 Paid in full Gum Co. on account less a 2% discount.13 Made cash sales for the week totaling \6,260.15 Received payment from Loeng Corp. for invoice no. 372.15 Paid semi-monthly salaries of ¥14,300 to employees.17 Received payment from Wei for invoice no. 371.17 Sold merchandise on account to Dyun Co. \1,200, invoice no. 373, terms 1/10, n/30.19 Purchased equipment on account from Ziu Corp. ¥5,500.20 Cash sales for the week totaled \3,200.

Special Journals -: Special Journals are simply the type of journal (in the field of accounting)…

19 Purchased equipment on account from Ziu Corp. ¥5,500. 20 Cash sales for the week totaled K3,200. 20 Paid in full Pang Co. on account less a 2% discount. 23 Purchased merchandise on account from Gum Co. ¥7,800. 24 Purchased merchandise on account from Yap Corp. K5,10. 27 Made cash sales for the week totaling ¥4,230. 30 Received payment from Dyun Co. for invoice no. 373. 31 Paid semi-monthly salaries of #13 200 to employees. 31 Sold merchandise on account to Wei ¥9,330, invoice no. 374, terms 1/10, n/30.

19 Purchased equipment on account from Ziu Corp. ¥5,500. 20 Cash sales for the week totaled K3,200. 20 Paid in full Pang Co. on account less a 2% discount. 23 Purchased merchandise on account from Gum Co. ¥7,800. 24 Purchased merchandise on account from Yap Corp. K5,10. 27 Made cash sales for the week totaling ¥4,230. 30 Received payment from Dyun Co. for invoice no. 373. 31 Paid semi-monthly salaries of #13 200 to employees. 31 Sold merchandise on account to Wei ¥9,330, invoice no. 374, terms 1/10, n/30.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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