Required information [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 3 (a) 3 (b) 4 5 6 9 11 12 13 (a) 13 (b) 14 Purchased $15,800 of merchandise on credit from Noth Company, terms 2/10, n/60. Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5,500 (cost is $2,800). Purchased $1,440 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $858. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,700 (cost is $6,400). Returned $75 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. Purchased $10, 295 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $13,100 (cost is $7,700). Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of $316. Received payment from Page Alistair for the April 3 sale less the discount of $110. Sold $13,400 of merchandise on credit to Page Alistair (cost is $3,700), Invoice No. 763. Received payment from Paula Kohr for the April 5 sale less the discount of $194. 16 (a) Issued Check No. 589 for $11,300, payee is Payroll, 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 $55,820 (cost is $37,500). These cash sales are recorded in the cash receipts journal on April 16. 17 18 20 (a) 20 (b) 23 (a) 23 (b) 25 Purchased $14,400 of merchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $56,000 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 $262. Purchased $1,050 of store supplies on credit from Hal's Supply, terms n/30. Returned $900 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 $268. Purchased $11,715 of merchandise on credit from Noth Company, terms 2/10, n/60. 133 payaoi oy that amount. 23 (b) Received payment from Page Alistair for the April 13 sale less the discount of $268. 25 26 27 (a) 27 (b) 30 (a) 30 (b) Purchased $11,715 of merchandise on credit from Noth Company, terms 2/10, n/60. Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the $270 discount. Sold $3,230 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,700). Sold $9,100 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,210). Issued Check No. 591 for $11,300, 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 $70,400 (cost is $58,400). These cash sales are recorded in the cash receipts journal on April 30. Assume that Wiset Co. uses the perpetual inventory system. 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. C 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. Inventory Cr. Dr. Sales Cr. Apr. 30 Totals $ $ 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, 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 Required information (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 3 (a) 3 (b) 4 5 6 9 11 12 13 (a) 13 (b) 14 Purchased $15,800 of merchandise on credit from Noth Company, terms 2/10, n/60. Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5,500 (cost is $2,800). Purchased $1,440 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $858. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,700 (cost is $6,400). Returned $75 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. Purchased $10,295 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $13,100 (cost is $7,700). Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of $316. Received payment from Page Alistair for the April sale less the discount of $110. Sold $13,400 of merchandise on credit to Page Alistair (cost is $3,700), Invoice No. 763. Received payment from Paula Kohr for the April 5 sale less the discount of $194. 16 (a) Issued Check No. 589 for $11,300, payee is Payroll, 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 $55,820 (cost is $37,500). These cash sales are recorded in the cash receipts journal on April 16. 17 18 20 (a) 20 (b) 23 (a) Purchased $14,400 of merchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $56,000 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 $262. Purchased $1,050 of store supplies on credit from Hal's Supply, terms n/30. Returned $900 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. 20 (b) Purchased $1,050 of store supplies on credit from Hal's Supply, terms n/30. 23 (a) Returned $900 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 26 27 (a) 27 (b) 30 (a) 30 (b) Purchased $11,715 of merchandise on credit from Noth Company, terms 2/10, n/60. Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the $270 discount. Sold $3,230 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,700). Sold $9,100 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,210). Issued Check No. 591 for $11,300, 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 $70,400 (cost is $58,400). These cash sales are recorded in the cash receipts journal on April 30. Assume that Wiset Co. uses the perpetual inventory system. 2 & 3. Enter the March 31 balances for Cash ($87,000), Inventory ($153,000), Long-Term Notes Payable ($140,000), 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 Mar. 31 Mar. 31 Mar. 31 Date GENERAL LEDGER Cash Debit Inventory Date Debit Date B. Wiset, Capital Debit Accounts Receivable Credit Balance Date Debit Credit Balance Credit Balance Date Mar. 31 Long-Term Notes Payable Debit Credit Balance Sales Credit Balance Date Debit Credit Balance Date Date Date Sales Discounts Debit Cost of Goods Sold Credit Balance Date Debit Credit Balance ACCOUNTS RECEIVABLE LEDGER Page Alistair Debit Nic Nelson Debit Paula Kohr Credit Balance Date Debit Credit Balance Credit Balance + Required information [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 3 (a) 3 (b) 4 5 6 9 11 12 13 (a) 13 (b) 14 Purchased $15,800 of merchandise on credit from Noth Company, terms 2/10, n/60. Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5,500 (cost is $2,800). Purchased $1,440 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $858. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,700 (cost is $6,400). Returned $75 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. Purchased $10,295 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $13,100 (cost is $7,700). Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of $316. Received payment from Page Alistair for the April 3 sale less the discount of $110. Sold $13,400 of merchandise on credit to Page Alistair (cost is $3,700), Invoice No. 763. Received payment from Paula Kohr for the April 5 sale less the discount of $194. 16 (a) Issued Check No. 589 for $11,300, payee is Payroll, 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 $55,820 (cost is $37,500). These cash sales are recorded in the cash receipts journal on April 16. 17 18 20 (a) 20 (b) 23 (a) Purchased $14,400 of merchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $56,000 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 $262. Purchased $1,050 of store supplies on credit from Hal's Supply, terms n/30. Returned $900 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. Purchased $11,715 of merchandise on credit from Noth Company, terms 2/10, n/60. 25 TILL 7 333 21 17 11 12 13 (a) 13 (b) 14 Sola mercnanaise on creait to Nic Neison, invoice No. /bz, or 15,00 (Cost 15 $1,100). Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of $316. Received payment from Page Alistair for the April 3 sale less the discount of $110. Sold $13,400 of merchandise on credit to Page Alistair (cost is $3,700), Invoice No. 763. Received payment from Paula Kohr for the April 5 sale less the discount of $194. 16 (a) Issued Check No. 589 for $11,300, payee is Payroll, 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 $55,820 (cost is $37,500). These cash sales are recorded in the cash receipts journal on April 16. 17 18 Purchased $14,400 of merchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $56,000 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 $262. Purchased $1,050 of store supplies on credit from Hal's Supply, terms n/30. 20 (b) 23 (a) Returned $900 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 26 27 (a) 27 (b) 30 (a) Purchased $11,715 of merchandise on credit from Noth Company, terms 2/10, n/60. Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the $270 discount. Sold $3,230 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,700). Sold $9,100 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,210). Issued Check No. 591 for $11,300, payee is Payroll, 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 $70,400 (cost is $58,400). These cash sales are recorded in the cash receipts journal on April 30. Assume that Wiset Co. uses the perpetual inventory system. 4-a. Prepare a trial balance of the general ledger. 4-b. Prepare a schedule of accounts receivable. Req 4A Req 4B Prepare a trial balance of the general ledger. WISET COMPANY Trial balance April 30 Totals Debit Credit Req 4A Req 4B Prepare a schedule of accounts receivable. WISET COMPANY Schedule of Accounts Receivable Paula Kohr Nic Nelson Page Alistair April 30 Total accounts receivable < Req 4A