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

101 Cash

112 Accounts Receivable

120 Inventory

126 Supplies

157 Equipment

201 Accounts Payable

401 Sales Revenue

412 Sales Returns and Allowances

414 Sales Discounts

505 Cost of Goods Sold

726 Salaries and Wages Expense

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

Jan. 3 Purchased merchandise on account from Quayle Co. $10,000.

4 Purchased supplies for cash $80.

4 Sold merchandise on account to Gant $5,600, invoice no. 371, terms 1/10, n/30.

5 Returned $300 worth of damaged goods purchased on account from Quayle Co. on January 3.

6 Made cash sales for the week totaling $3,750.

8 Purchased merchandise on account from Eubank Co. $4,500.

9 Sold merchandise on account to Notson Corp. $6,400, invoice no. 372, terms 1/10, n/30.

11 Purchased merchandise on account from Akers Co. $3,700.

13 Paid in full Quayle Co. on account less a 2% discount.

13 Made cash sales for the week totaling $6,260.

15 Received payment from Notson Corp. for invoice no. 372.

15 Paid semi-monthly salaries of $14,300 to employees.

17 Received payment from Gant for invoice no. 371.

17 Sold merchandise on account to Loeb Co. $1,200, invoice no. 373, terms 1/10, n/30.

19 Purchased equipment on account from Barb Corp. $5,500.

20 Cash sales for the week totaled $3,200.

20 Paid in full Eubank Co. on account less a 2% discount.

23 Purchased merchandise on account from Quayle Co. $7,800.

24 Purchased merchandise on account from Fifer Corp. $5,100.

27 Made cash sales for the week totaling $4,230.

30 Received payment from Loeb Co. for invoice no. 373.

31 Paid semi-monthly salaries of $14,300 to employees.

31 Sold merchandise on account to Gant $9,330, invoice no. 374, terms 1/10, n/30.

Rivera Company uses the following journals.

1. Sales journal.

2. Single-column purchases journal.

3. Cash receipts journal with columns for Cash Dr., Sales Discounts Dr., Accounts Receivable Cr., Sales Revenue Cr., Other Accounts Cr., and Cost of Goods Sold Dr./Inventory Cr.

4. Cash payments journal with columns for Other Accounts Dr., Accounts Payable Dr., Inventory Cr., and Cash Cr.

5. General journal.

Instructions

Using the selected accounts provided:

(a) Record the January transactions in the appropriate journal noted.

(b) Foot and crossfoot all special journals.

(c) Show how postings would be made by placing ledger account numbers and check-marks as needed in the journals. (Actual posting to ledger accounts is not required.