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Presented below are selected accounts from the chart of accounts of Blossom Company. 9 101 Cash Accounts Receivable Inventory 126 Supplies 157 Equipment 201 Accounts Payable 11 13 112 13 120 15 15 17 17 19 The cost of all merchandise sold was 60% of the sales price. During January, Blossom completed the following transact Purchased merchandise on account from Gallagher Co. $9,400. 20 20 23 24 27 Jan. 3 30 31 4 4 401 5 412 6 414 505 Purchased supplies for cash $70. Sold merchandise on account to Wheeler $6,790, invoice no. 371, terms 1/10, n/30. Returned $300 worth of damaged goods purchased on account from Gallagher Co. on January 3. Made cash sales for the week totaling $3,850. 8 Purchased merchandise on account from Phegley Co. $4,700. Sold merchandise on account to Linton Corp. $8,000, invoice no. 372, terms 1/10,n/30. Purchased merchandise on account from Cora Co. $3,640. Paid in full Gallagher Co. on account less a 2% discount. Made cash sales for the week totaling $6,010. Received payment from Linton Corp. for invoice no. 372. Paid semi-monthly salaries of $14,800 to employees. Received payment from Wheeler for invoice no. 371. Sold merchandise on account to Delaney Co. $1,860, invoice no. 373, terms 1/10, n/30. Purchased equipment on account from Dozier Corp. $5,630. Cash sales for the week totaled $3,550. Paid in full Phegley Co, on account less a 2% discount. Purchased merchandise on account from Gallagher Co. $7,790. Purchased merchandise on account from Atchison Corp. $4,980. Made cash sales for the week totaling $4,810. Received payment from Delaney Co. for invoice no. 373. Paid semi-monthly salaries of $12,020 to employees. 726 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense

Presented below are selected accounts from the chart of accounts of Blossom Company. 9 101 Cash Accounts Receivable Inventory 126 Supplies 157 Equipment 201 Accounts Payable 11 13 112 13 120 15 15 17 17 19 The cost of all merchandise sold was 60% of the sales price. During January, Blossom completed the following transact Purchased merchandise on account from Gallagher Co. $9,400. 20 20 23 24 27 Jan. 3 30 31 4 4 401 5 412 6 414 505 Purchased supplies for cash $70. Sold merchandise on account to Wheeler $6,790, invoice no. 371, terms 1/10, n/30. Returned $300 worth of damaged goods purchased on account from Gallagher Co. on January 3. Made cash sales for the week totaling $3,850. 8 Purchased merchandise on account from Phegley Co. $4,700. Sold merchandise on account to Linton Corp. $8,000, invoice no. 372, terms 1/10,n/30. Purchased merchandise on account from Cora Co. $3,640. Paid in full Gallagher Co. on account less a 2% discount. Made cash sales for the week totaling $6,010. Received payment from Linton Corp. for invoice no. 372. Paid semi-monthly salaries of $14,800 to employees. Received payment from Wheeler for invoice no. 371. Sold merchandise on account to Delaney Co. $1,860, invoice no. 373, terms 1/10, n/30. Purchased equipment on account from Dozier Corp. $5,630. Cash sales for the week totaled $3,550. Paid in full Phegley Co, on account less a 2% discount. Purchased merchandise on account from Gallagher Co. $7,790. Purchased merchandise on account from Atchison Corp. $4,980. Made cash sales for the week totaling $4,810. Received payment from Delaney Co. for invoice no. 373. Paid semi-monthly salaries of $12,020 to employees. 726 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Presented below are selected accounts from the chart of accounts of Blossom Company. 9 101 112 Accounts Receivable Inventory Supplies Equipment 201 Accounts Payable 11 120 13 13 15 15 126 157 17 17 19 20 The cost of all merchandise sold was 60% of the sales price. During January, Blossom completed the following transacti Purchased merchandise on account from Gallagher Co. $9,400. 20 23 24 27 30 Jan. 3 31 4 Cash 4 5 401 6 412 414 505 Purchased supplies for cash $70. Sold merchandise on account to Wheeler $6,790, invoice no. 371, terms 1/10, n/30. Returned $300 worth of damaged goods purchased on account from Gallagher Co. on January 3. Made cash sales for the week totaling $3,850. 8 Purchased merchandise on account from Phegley Co. $4,700. Sold merchandise on account to Linton Corp. $8,000, invoice no. 372, terms 1/10, n/30. Purchased merchandise on account from Cora Co. $3,640. Paid in full Gallagher Co. on account less a 2% discount. Made cash sales for the week totaling $6,010. 726 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Received payment from Linton Corp. for invoice no. 372. Paid semi-monthly salaries of $14,800 to employees. Received payment from Wheeler for invoice no. 371. Sold merchandise on account to Delaney Co. $1,860, invoice no. 373, terms 1/10, n/30. Purchased equipment on account from Dozier Corp. $5,630. Cash sales for the week totaled $3,550. Paid in full Phegley Co, on account less a 2% discount. Purchased merchandise on account from Gallagher Co. $7,790. Purchased merchandise on account from Atchison Corp. $4,980. Made cash sales for the week totaling $4,810. Received payment from Delaney Co. for invoice no. 373. Paid semi-monthly salaries of $12,020 to employees.
Transcribed Image Text:Presented below are selected accounts from the chart of accounts of Blossom Company. 9 101 112 Accounts Receivable Inventory Supplies Equipment 201 Accounts Payable 11 120 13 13 15 15 126 157 17 17 19 20 The cost of all merchandise sold was 60% of the sales price. During January, Blossom completed the following transacti Purchased merchandise on account from Gallagher Co. $9,400. 20 23 24 27 30 Jan. 3 31 4 Cash 4 5 401 6 412 414 505 Purchased supplies for cash $70. Sold merchandise on account to Wheeler $6,790, invoice no. 371, terms 1/10, n/30. Returned $300 worth of damaged goods purchased on account from Gallagher Co. on January 3. Made cash sales for the week totaling $3,850. 8 Purchased merchandise on account from Phegley Co. $4,700. Sold merchandise on account to Linton Corp. $8,000, invoice no. 372, terms 1/10, n/30. Purchased merchandise on account from Cora Co. $3,640. Paid in full Gallagher Co. on account less a 2% discount. Made cash sales for the week totaling $6,010. 726 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Received payment from Linton Corp. for invoice no. 372. Paid semi-monthly salaries of $14,800 to employees. Received payment from Wheeler for invoice no. 371. Sold merchandise on account to Delaney Co. $1,860, invoice no. 373, terms 1/10, n/30. Purchased equipment on account from Dozier Corp. $5,630. Cash sales for the week totaled $3,550. Paid in full Phegley Co, on account less a 2% discount. Purchased merchandise on account from Gallagher Co. $7,790. Purchased merchandise on account from Atchison Corp. $4,980. Made cash sales for the week totaling $4,810. Received payment from Delaney Co. for invoice no. 373. Paid semi-monthly salaries of $12,020 to employees.
Mercer Company uses the following journals. Date Date Date Sales journal. 2 Single-column purchases journal. 3. Cash receipts journal. 4. Cash payments journal. 5. General journal. 1. 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 a order displayed in the problem statement.) Date V Account Debited Date Account Credited Account Titles and Explanation Account Credited Account Debited v Ref. Purchases Journal Ref. 126 General Journal V 726 Sales Journal ✓ Invoice No. Ref. 726 N V Cash Dr. Inventory Dr. Ref. Accounts Payable Cr. V V V V V Accounts Receivable Dr. Sales Revenue Cr. (X) Debit Cash Payments Journal Other Accounts Dr. (120)(201) Cost of Goods Sold D Inventory Cr. Sales Discounts Dr. Cash Receipts Journal P1 (201) Credit Accounts Payable Dr. Accounts R C Inv
Transcribed Image Text:Mercer Company uses the following journals. Date Date Date Sales journal. 2 Single-column purchases journal. 3. Cash receipts journal. 4. Cash payments journal. 5. General journal. 1. 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 a order displayed in the problem statement.) Date V Account Debited Date Account Credited Account Titles and Explanation Account Credited Account Debited v Ref. Purchases Journal Ref. 126 General Journal V 726 Sales Journal ✓ Invoice No. Ref. 726 N V Cash Dr. Inventory Dr. Ref. Accounts Payable Cr. V V V V V Accounts Receivable Dr. Sales Revenue Cr. (X) Debit Cash Payments Journal Other Accounts Dr. (120)(201) Cost of Goods Sold D Inventory Cr. Sales Discounts Dr. Cash Receipts Journal P1 (201) Credit Accounts Payable Dr. Accounts R C Inv
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