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Problem 7-2A Special journals, subsidiary ledgers, and schedule of accounts receivable LO P1, P2 [The following information applies to the questions displayed below.) Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 5 6 2 Purchased $15,400 of merchandise on credit from Noth Company, terms 2/10, n/60. 3 (a) Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5,200 (cost is $3,200). 3 (b) Purchased $1,410 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $927. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,500 (cost is $7,700). Returned $80 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. 9 Purchased $10,845 of store equipment on credit from Hal's Supply, terms n/30. 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $12,600 (cost is $7,100). 12 Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of $308. 13 (a) Received payment from Page Alistair for the April 3 sale less the discount of $104. 13 (b) Sold $13, 400 of merchandise on credit to Page Alistair (cost is $3,200), Invoice No. 763. 14 Received payment from Paula Kohr for the April 5 sale less the discount of $190. 16 (a) Issued Check No. 589 for $9,600, payee is Payroli, in payment of sales salaries expense for the first half of the month. 16 (b) Cash sales for the first half of the month are $59,410 (cost is $36,000). These cash sales are recorded in the cash receipts journal on April 16. 17 Purchased $12,100 of merchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $63,000 cash from First State Bank by signing a long-term note payable. 20 (a) Received payment from Nic Nelson for the April 11 sale less the discount of $252. 20 (b) Purchased $1,070 of store supplies on credit from Hal's Supply, terms n/30. 23 (a) Returned $800 of defective merchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by that amount. 23 (b) Received payment from Page Alistair for the April 13 sale less the discount of $268. 25 Purchased $11,835 of merchandise on credit from Noth Company, terms 2/10, n/60. 26 Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the $ 226 discount. 24 27 (a) Sold $3,060 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,520). 27 (b) Sold $8,800 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,895). 30 (a) Issued Check No. 591 for $9,600, payee is Payroli, in payment of the sales salaries expense for the last half of the month. 30 (b) Cash sales for the last half of the month are $70,300 (cost is $59,300). These cash sales are recorded in the cash receipts journal on April 30. 18 Assume that Wiset Co. uses the perpetual inventory system. Problem 7-2A Part 1 Required: 1-a. Enter the transaction of the Wiset Company that should be journalized in the sales journal. 1-b. Enter the transaction of the Wiset Company that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10, n/30. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Enter the transaction of the Wiset Company that should be journalized in the sales journal. SALES JOURNAL Date Account Debited Invoice Number Accounts Receivable Cost of Goods Sold Dr. Sales Cr. Dr. Inventory Cr. Apr. 03 Apr. 30 Totals $ 0 $ 0 Required: 1-a. Enter the transaction of the Wiset Company that should be journalized in the sales journal. 1-b. Enter the transaction of the Wiset Company that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10, n/30. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Enter the transaction of the Wiset Company that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10, n/30. CASH RECEIPTS JOURNAL Date Account Credited Cash Dr. Sales Discount Dr. Accounts Receivable Cr. Sales Cr. Other Accts. Cr. Cost of Goods Sold Dr. Inventory Cr. Apr. 30 Totals 2 & 3. Enter the March 31 balances for Cash ($95,000), Inventory ($151,000), Long-Term Notes Payable ($146,000), and B. Wiset, Capital ($100,000). Post the total amounts from the journal in the following general ledger accounts and in the accounts receivable subsidiary ledger accounts for Paula Kohr, Page Alistair, and Nic Nelson. GENERAL LEDGER Cash Accounts Receivable Debit Date Debit Credit Balance Date Credit Balance Mar. 31 Inventory Debit Long-Term Notes Payable Debit Credit Date Credit Balance Date Balance Mar. 31 Mar. 31 B. Wiset, Capital Debit Sales Debit Date Credit Balance Date Credit Balance Mar. 31 Sales Discounts Cost of Goods Sold Date Debit Credit Balance Date Debit Credit Balance ACCOUNTS RECEIVABLE LEDGER Page Alistair Paula Kohr Date Debit Credit Balance Date Debit Credit Balance Nic Nelson Date Debit Credit Balance 4-a. Prepare a trial balance of the general ledger. 4-b. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Req 4A Req 4B Prepare a trial balance of the general ledger. WISET COMPANY Trial balance April 30 Debit Credit Totals $ 0 $ 0 4-a. Prepare a trial balance of the general ledger. 4-b. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Req 4A Req 4B Prepare a schedule of accounts receivable. WISET COMPANY Schedule of Accounts Receivable April 30 Paula Kohr Nic Nelson Page Alistair Total accounts receivable $ 0