Problem 7 1A Special journals, subsidiary ledgers, and schedule of accounts receivable perpetual LO C3, 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 2 Purchased $14,200 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 $4,500 (cost is $3,700) 3 Purchased $1,530 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, $856 5 Sold merchandise on credit to Paula Kohr, Invoice No 761, for $8,700 (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 $12,090 of store equipment on credit from Hals Supply, invoice dated April 9, terms n 10 EOM 11 Sold merchandise on credit to Nic Nelson, Invoice No 762, for $11,700 (cost is $7,100) 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 $13,200 of merchandise on credit to Page Alistair (cost is $4,500), 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, $10,350 Cashed the check and paid employees 16 Cash sales for the first half of the month are $58,740 (cost is $37,400) (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries ) 17 Purchased $12,700 of merchandise on credit from Grant Company, invoice dated April 17, terms 2 10, n 30 18 Borrowed $55,000 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 $950 of store supplies on credit from Hals Supply, invoice dated April 19, terms n 10 EOM 23 Received a $900 credit memorandum from Grant Company for the return of defective merchandise received on April 17 23 Received payment from Page Alistair for the April 13 sale, less the discount 25 Purchased $11,875 of merchandise on credit from Noth Company, invoice dated April 24, 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 discount 27 Sold $3,060 of merchandise on credit to Paula Kohr, Invoice No 764 (cost is $2,770) 27 Sold $9,700 of merchandise on credit to Nic Nelson, Invoice No 765 (cost is $4,445) 30 Issued Check No 591, payable to Payroll, in payment of the sales salaries expense for the last half of the month, $10,350 30 Cash sales for the last half of the month are $73,600 (cost is $61,900) Assume that Wiset Co uses the perpetual inventory system References Section Break Problem 7 1A Special journals, subsidiary ledgers, and schedule of accounts receivable perpetual LO C3, P1, P2 3 value 1 25 points Required information Problem 7 1A Part 1 Required 1 1 Review the transactions of Wiset Company and enter those that should be journalized in the sales journal 1 2 Review the transactions of Wiset Company and enter those that should be journalized in the cash receipts journal The terms of all credit sales are 2 10, n 30 References eBook Resources Worksheet Difficulty HardLearning Objective 07 P1 Journalize and post transactions using special journals Problem 7 1A Part 1 Learning Objective 07 C3 Describe the use of controlling accounts and subsidiary ledgers Learning Objective 07 P2 Prepare and prove the accuracy of subsidiary ledgers Check my work 4 value 1 25 points Required information Problem 7 1A Part 2 2 Enter the March 31 balances for Cash ($97,000), Inventory ($153,000), Long Term Notes Payable ($150,000), 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 rev 10 03 2013 QC 36923 References eBook Resources Worksheet Difficulty HardLearning Objective 07 P1 Journalize and post transactions using special journals Problem 7 1A Part 2 Learning Objective 07 C3 Describe the use of controlling accounts and subsidiary ledgers Learning Objective 07 P2 Prepare and prove the accuracy of subsidiary ledgers Check my work 5 value 1 25 points Required information Problem 7 1A Part 3 3 Prepare a trial balance References eBook Resources Worksheet Difficulty HardLearning Objective 07 P1 Journalize and post transactions using special journals Problem 7 1A Part 3 Learning Objective 07 C3 Describe the use of controlling accounts and subsidiary ledgers Learning Objective 07 P2 Prepare and prove the accuracy of subsidiary ledgers

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Problem 7-1A Special journals, subsidiary ledgers, and schedule of accounts receivable-perpetual LO C3, P1, P2 [The following information applies to the questions displayed below.] Wiset

Problem 7-1A Special journals, subsidiary ledgers, and schedule of accounts receivable-perpetual LO C3, 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. 2		Purchased $14,200 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 $4,500 (cost is $3,700).
3		Purchased $1,530 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, $856.
5		Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,700 (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 $12,090 of store equipment on credit from Hals Supply, invoice dated April 9, terms n/10 EOM.
11		Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $11,700 (cost is $7,100).
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 $13,200 of merchandise on credit to Page Alistair (cost is $4,500), 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, $10,350. Cashed the check and paid employees.
16		Cash sales for the first half of the month are $58,740 (cost is $37,400). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.)
17		Purchased $12,700 of merchandise on credit from Grant Company, invoice dated April 17, terms 2/10, n/30.
18		Borrowed $55,000 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 $950 of store supplies on credit from Hals Supply, invoice dated April 19, terms n/10 EOM.
23		Received a $900 credit memorandum from Grant Company for the return of defective merchandise received on April 17.
23		Received payment from Page Alistair for the April 13 sale, less the discount.
25		Purchased $11,875 of merchandise on credit from Noth Company, invoice dated April 24, 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 discount.
27		Sold $3,060 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,770).
27		Sold $9,700 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,445).
30		Issued Check No. 591, payable to Payroll, in payment of the sales salaries expense for the last half of the month, $10,350.
30		Cash sales for the last half of the month are $73,600 (cost is $61,900).

Assume that Wiset Co. uses the perpetual inventory system.

References

Section BreakProblem 7-1A Special journals, subsidiary ledgers, and schedule of accounts receivable-perpetual LO C3, P1, P2

value: 1.25 points

Required information

Problem 7-1A Part 1

Required:
1.1	Review the transactions of Wiset Company and enter those that should be journalized in the sales journal.

1.2	Review the transactions of Wiset Company and enter those that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10, n/30.

References

eBook & Resources

WorksheetDifficulty: HardLearning Objective: 07-P1 Journalize and post transactions using special journals.

Problem 7-1A Part 1Learning Objective: 07-C3 Describe the use of controlling accounts and subsidiary ledgers.Learning Objective: 07-P2 Prepare and prove the accuracy of subsidiary ledgers.

Check my work

value: 1.25 points

Required information

Problem 7-1A Part 2

Enter the March 31 balances for Cash ($97,000), Inventory ($153,000), Long-Term Notes Payable ($150,000), 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.

rev: 10_03_2013_QC_36923

References

eBook & Resources

WorksheetDifficulty: HardLearning Objective: 07-P1 Journalize and post transactions using special journals.

Problem 7-1A Part 2Learning Objective: 07-C3 Describe the use of controlling accounts and subsidiary ledgers.Learning Objective: 07-P2 Prepare and prove the accuracy of subsidiary ledgers.

Check my work

value: 1.25 points

Required information

Problem 7-1A Part 3

3.	Prepare a trial balance.

References

eBook & Resources

WorksheetDifficulty: HardLearning Objective: 07-P1 Journalize and post transactions using special journals.

Problem 7-1A Part 3Learning Objective: 07-C3 Describe the use of controlling accounts and subsidiary ledgers.Learning Objective: 07-P2 Prepare and prove the accuracy of subsidiary ledgers.