1-a. Enter the transactions of the Wiset Company that should be journalized in the sales journal. 1-b....
Question:
1-a. Enter the transactions of the Wiset Company that should be journalized in the sales journal.
1-b. Enter the transactions of the Wiset Company that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10, n/30.
2. Enter the March 31 balances for Cash ($80,000), Inventory ($181,000), Long-Term Notes Payable ($161,000), and B. Wiset, Capital ($100,000). Post the total amounts from the journal in the respective general ledger accounts.
3. Enter the March 31 balances for Cash ($80,000), Inventory ($181,000), Long-Term Notes Payable ($161,000), and B. Wiset, Capital ($100,000). Post the total amounts from the journal in the respective accounts receivable subsidiary ledger accounts for Paula Kohr, Page Alistair, and Nic Nelson.
4-a. Prepare a trial balance of the general ledger accounts.
4-b. Prepare a schedule of accounts receivable.
Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). April 2 Purchased $15,100 of merchandise on credit from Noth Company, terms 2/10, n/60. April 3 (a) April 3 (b) April 4 April 5 April 6 April 9 April 11 April 12 April 13 (a) April 13 (b) April 14 April 16 (a) April 16 (b) April 17 April 18 April 20 (a) April 20 (b) April 23 (a) April 23 (b) April 25 April 26 April 27 (a) April 27 (b) April 30 (a) April 30 (b) Sold merchandise on credit to Page Alistair, Invoice Number 760, for $6,000 (cost is $5,000). Purchased $1,470 of office supplies on credit from Custer, Incorporated, terms n/30. Issued Check Number 587 to World View for advertising expense of $904. Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $16,000 (cost is $14,500). Returned $80 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. Purchased $12,125 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,400 (cost is $17,900). Issued Check Number 588 to Noth Company in payment of its April 2 purchase less the discount of $302. Received payment from Page Alistair for the April 3 sale less the discount of $120. Sold $8,500 of merchandise on credit to Page Alistair (cost is $7,000), Invoice Number 763. Received payment from Paula Kohr for the April 5 sale less the discount of $320. Issued Check Number 589 for $10,450; payee is Payroll, in payment of sales salaries expense for the first half of the month. Cash sales for the first half of the month are $53,040 (cost is $36,080). These cash sales are recorded in the cash receipts journal on April 16. Purchased $14,550 of merchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $60,000 cash from First State Bank by signing a long-term note payable. Received payment from Nic Nelson for the April 11 sale less the discount of $428. Purchased $830 of store supplies on credit from Hal's Supply, terms n/30. Returned $750 of defective merchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by that amount. Received payment from Page Alistair for the April 13 sale less the discount of $170. Purchased $11,675 of merchandise on credit from Noth Company, terms 2/10, n/60. Issued Check Number 590 to Grant Company in payment of its April 17 invoice less the return and the $276 discount. Sold $5,640 of merchandise on credit to Paula Kohr, Invoice Number 764 (cost is $4,990). Sold $12,700 of merchandise on credit to Nic Nelson, Invoice Number 765 (cost is $10,305). Issued Check Number 591 for $10,450; payee is Payroll, in payment of the sales salaries expense for the last half of the month. Cash sales for the last half of the month are $73,975 (cost is $58,900). These cash sales are recorded in the cash receipts journal on April 30. Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). April 2 Purchased $15,100 of merchandise on credit from Noth Company, terms 2/10, n/60. April 3 (a) April 3 (b) April 4 April 5 April 6 April 9 April 11 April 12 April 13 (a) April 13 (b) April 14 April 16 (a) April 16 (b) April 17 April 18 April 20 (a) April 20 (b) April 23 (a) April 23 (b) April 25 April 26 April 27 (a) April 27 (b) April 30 (a) April 30 (b) Sold merchandise on credit to Page Alistair, Invoice Number 760, for $6,000 (cost is $5,000). Purchased $1,470 of office supplies on credit from Custer, Incorporated, terms n/30. Issued Check Number 587 to World View for advertising expense of $904. Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $16,000 (cost is $14,500). Returned $80 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. Purchased $12,125 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,400 (cost is $17,900). Issued Check Number 588 to Noth Company in payment of its April 2 purchase less the discount of $302. Received payment from Page Alistair for the April 3 sale less the discount of $120. Sold $8,500 of merchandise on credit to Page Alistair (cost is $7,000), Invoice Number 763. Received payment from Paula Kohr for the April 5 sale less the discount of $320. Issued Check Number 589 for $10,450; payee is Payroll, in payment of sales salaries expense for the first half of the month. Cash sales for the first half of the month are $53,040 (cost is $36,080). These cash sales are recorded in the cash receipts journal on April 16. Purchased $14,550 of merchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $60,000 cash from First State Bank by signing a long-term note payable. Received payment from Nic Nelson for the April 11 sale less the discount of $428. Purchased $830 of store supplies on credit from Hal's Supply, terms n/30. Returned $750 of defective merchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by that amount. Received payment from Page Alistair for the April 13 sale less the discount of $170. Purchased $11,675 of merchandise on credit from Noth Company, terms 2/10, n/60. Issued Check Number 590 to Grant Company in payment of its April 17 invoice less the return and the $276 discount. Sold $5,640 of merchandise on credit to Paula Kohr, Invoice Number 764 (cost is $4,990). Sold $12,700 of merchandise on credit to Nic Nelson, Invoice Number 765 (cost is $10,305). Issued Check Number 591 for $10,450; payee is Payroll, in payment of the sales salaries expense for the last half of the month. Cash sales for the last half of the month are $73,975 (cost is $58,900). These cash sales are recorded in the cash receipts journal on April 30.
Expert Answer:
1a Transactions to be journalized in the sales journal April 3 Sold merchandise on credit to Page Al... View the full answer
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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