Complete parts 3, 4, and 5 of Problem 7-1A using the results of parts 1 and 2 of this problem.

Problem 7-1

Wise Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30):

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Apr. 2 Purchased $13,300 of merchandise on credit from Negi Company, invoice dated April 2, terms 2/10, n/60. 3 Sold merchandise on credit to Brooke Sledd, Invoice No. 760, for $3,000 (cost is $2,000). 3 Purchased $1,380 of office supplies on credit from Madison, Inc. Invoice dated April 2, terms n/10 EOM. 4 Issued Check No. 587 to U.S. View for advertising expense, $999. 5 Sold merchandise on credit to Paul Kohr, Invoice No. 761, for $8,000 (cost is $6,500). 6 Received an $85 credit memorandum from Madison, Inc., for the return of some of the of- fice supplies received on April 3. 9 Purchased $11,125 of store equipment on credit from Ned's Supply, invoice dated April 9, terms n/10 EOM. 11 Sold merchandise on credit to Amy Nilson, Invoice No. 762, for $9,500 (cost is $7,000). 12 Issued Check No. 588 to Negi Company in payment of its April 2 invoice, less the dis- count. 13 Received payment from Brooke Sledd for the April 3 sale, less the discount. 13 Sold $4,100 of merchandise on credit to Brooke Sledd (cost is $2,600), Invoice No. 763. 14 Received payment from Paul Kohr for the April 5 sale, less the discount. 16 Issued Check No. 589, payable to Payroll, in payment of sales salaries expense for the first half of the month, $9,750. Cashed the check and paid employees..