problem 7-4a

Project Description:

the cost of all merchandise sold was 60% of the sales price. during january, ayoade completed the following transactions.

jan. 3 -- purchased merchandise on account from parkinson co. $14,200.
4 --- purchased supplies for cash $71.
4 --- sold merchandise on account to douglas $5,630, invoice no. 371, terms 1/10, n/30.
5 --- returned $400 worth of damaged goods purchased on account from parkinson co. on january 3.
6 --- made cash sales for the week totaling $3,390.
8 --- purchased merchandise on account from denholm co. $4,100.
9 --- sold merchandise on account to connor corp. $7,000, invoice no. 372, terms 1/10, n/30.
11 --- purchased merchandise on account from betz co. $3,641.
13 --- paid in full parkinson co. on account less a 2% discount.
13 --- made cash sales for the week totaling $6,060.
15 --- received payment from connor corp. for invoice no. 372.
15 --- paid semi-monthly salaries of $14,965 to employees.
17 --- received payment from douglas for invoice no. 371.
17 --- sold merchandise on account to bullock co. $1,250, invoice no. 373, terms 1/10, n/30.
19 --- purchased equipment on account from murphy corp. $5,591.
20 --- cash sales for the week totaled $3,880.
20 --- paid in full denholm co. on account less a 2% discount.
23 --- purchased merchandise on account from parkinson co. $7,929.
24 --- purchased merchandise on account from forgetta corp. $4,562.
27 --- made cash sales for the week totaling $4,650.
30 --- received payment from bullock co. for invoice no. 373.
31 --- paid semi-monthly salaries of $12,061 to employees.
31 --- sold merchandise on account to douglas $9,360, invoice no. 374, terms 1/10, n/30.

ayoade company uses the following journals.

1. sales journal.
2. single-column purchases journal.
3. cash receipts journal.
4. cash payments journal.
5. general journal.

using the selected accounts provided:

record and post the january transactions in the appropriate journal noted. foot and crossfoot all special journals. (record entries in the order displayed in the problem statement.
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Price Type: Negotiable

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