(Solved): Presented below are selected accounts from the chart of accounts of Sheridan Company. The cost of a ...

Presented below are selected accounts from the chart of accounts of Sheridan Company. The cost of all merchandise sold was $$60\%$$ of the sales price. During January, Sheridan completed the following transactions. Jan. Purchased merchandise on account from Gallagher Co. $$\$9,100$$. 3 4 Purchased supplies for cash $$\$60$$. 4 Sold merchandise on account to Wheeler $$\$5,630$$, invoice no. 371, terms $$1/10,n/30$$. 5 Returned $$\$500$$ worth of damaged goods purchased on account from Gallagher Co. on January 3. 6 Made cash sales for the week totaling $$\$3,670$$. 8 Purchased merchandise on account from Phegley Co. $$\$4,200$$. 9 Sold merchandise on account to Linton Corp. $$\$6,000$$, invoice no. 372 , terms $$1/10,n/30$$. 11 Purchased merchandise on account from Cora Co. $$\$3,800$$. 13 Paid in full Gallagher Co. on account less a $$2\%$$ discount. 13 Made cash sales for the week totaling $$\$5,620$$. 15 Received payment from Linton Corp. for invoice no. 372. 15 Paid semi-monthly salaries of $$\$13,700$$ to employees. 17 Received payment from Wheeler for invoice no. 371. 17 Sold merchandise on account to Delaney Co. $$\$2,860$$, invoice no. 373 , terms $$1/10,n/30$$. 19 Purchased equipment on account from Dozier Corp. $$\$5,350$$. 20 Cash sales for the week totaled $$\$3,880$$. 20 Paid in full Phegley Co. on account less a $$2\%$$ discount. 23 Purchased merchandise on account from Gallagher Co. \$7,120. 24 Purchased merchandise on account from Atchison Corp. $$\$4,580$$. 27 Made cash sales for the week totaling $$\$4,420$$. 30 Received payment from Delaney Co. for invoice no. 373. 31 Paid semi-monthly salaries of $$\$12,590$$ to employees. 31 Sold merchandise on account to Wheeler $$\$9,410$$, invoice no. 374 , terms $$1/10,n/30$$. Mercer Company uses the following journals. 1. Sales journal. 2. Single-column purchases journal. 3. Cash receipts journal. 4. Cash payments journal. 5. General journal. Sales Journal S1 Purchases Journal P1 Inventory Dr. Date Account Credited Ref. Accounts Payable $$\mathrm{Cr}$$. $$\widehat{?}$$ ? ? ? ? $$(120)(201)$$ (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entrie: the order presented in the problem. List all debit entries before credit entries.) Cash Receipts Journal Date Account Credited Ref. Sales Discounts Dr. Accounts Rec Cr. $$\mathrm{x}$$ * $$+$$ * * (101) (414) (112)