Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help, Either Purchase Journal or Cash Disbursements Journal. Problem 7-2A Wiset Company completes these transactions during April of the current year (the terms of
Please help, Either Purchase Journal or Cash Disbursements Journal.
Problem 7-2A Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30) Apr. 2 Purchased $14,300 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60. 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for $4,000 (cost is $3,000) 3 Purchased $1,480 of office supplies on credit from Custer, Inc. Invoice dated April 2, terms n/10 EOM 4 Issued Check No. 587 to World View for advertising expense, $899. 5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,000 (cost is $6,500) 6 Received an $80 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3 9 Purchased $12,125 of store equipment on credit from Hal's Supply, invoice dated April 9, terms n/10 EONM 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $10,500 (cost is $7,000) 12 Issued Check No. 588 to Noth Company in payment of its April 2 invoice less the discount. 13 Received payment from Page Alistair for the April 3 sale less the discount. 13 Sold $5,100 of merchandise on credit to Page Alistair (cost is $3,600), Invoice No. 763. 14 Received payment from Paula 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, $10,750. Cashed the check and paid employees. 16 Cash sales for the first half of the month are $52,840 (cost is $35,880). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.)Page 331 17 Purchased $13,750 of merchandise on credit from Grant Company, invoice dated April 17 terms 2/10, n/30. 18 Borrowed $60,000 cash from First State Bank by signing a long-term note payable. 20 Received payment from Nic Nelson for the April 11 sale less the discount. 20 Purchased $830 of store supplies on credit from Hal's Supply, invoice dated April 19, terms n/10 EOMStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started