Question
Required information Use the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Wiset Company
Required information
Use the following information for the Problems below. (Algo)
Skip to question
[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).
April 2 | Purchased $13,500 of merchandise on credit from Noth Company, terms 2/10, n/60. |
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April 3 (a) | Sold merchandise on credit to Page Alistair, Invoice Number 760, for $9,000 (cost is $8,000). |
April 3 (b) | Purchased $1,560 of office supplies on credit from Custer, Incorporated, terms n/30. |
April 4 | Issued Check Number 587 to World View for advertising expense of $868. |
April 5 | Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $18,000 (cost is $16,500). |
April 6 | Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. |
April 9 | Purchased $12,225 of store equipment on credit from Hals Supply, terms n/30. |
April 11 | Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,300 (cost is $17,800). |
April 12 | Issued Check Number 588 to Noth Company in payment of its April 2 purchase less the discount of $270. |
April 13 (a) | Received payment from Page Alistair for the April 3 sale less the discount of $180. |
April 13 (b) | Sold $10,800 of merchandise on credit to Page Alistair (cost is $9,300), Invoice Number 763. |
April 14 | Received payment from Paula Kohr for the April 5 sale less the discount of $360. |
April 16 (a) | Issued Check Number 589 for $10,650; payee is Payroll, in payment of sales salaries expense for the first half of the month. |
April 16 (b) | Cash sales for the first half of the month are $52,040 (cost is $35,080). These cash sales are recorded in the cash receipts journal on April 16. |
April 17 | Purchased $12,850 of merchandise on credit from Grant Company, terms 2/10, n/30. |
April 18 | Borrowed $60,000 cash from First State Bank by signing a long-term note payable. |
April 20 (a) | Received payment from Nic Nelson for the April 11 sale less the discount of $426. |
April 20 (b) | Purchased $830 of store supplies on credit from Hals Supply, terms n/30. |
April 23 (a) | Returned $750 of defective merchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by that amount. |
April 23 (b) | Received payment from Page Alistair for the April 13 sale less the discount of $216. |
April 25 | Purchased $10,775 of merchandise on credit from Noth Company, terms 2/10, n/60. |
April 26 | Issued Check Number 590 to Grant Company in payment of its April 17 invoice less the return and the $242 discount. |
April 27 (a) | Sold $7,140 of merchandise on credit to Paula Kohr, Invoice Number 764 (cost is $6,490). |
April 27 (b) | Sold $14,600 of merchandise on credit to Nic Nelson, Invoice Number 765 (cost is $12,205). |
April 30 (a) | Issued Check Number 591 for $10,650; payee is Payroll, in payment of the sales salaries expense for the last half of the month. |
April 30 (b) | Cash sales for the last half of the month are $73,975 (cost is $58,900). These cash sales are recorded in the cash receipts journal on April 30. |
Problem 7-2A (Algo) Special journals, subsidiary ledgers, and schedule of accounts receivable LO P1, P2
Required:
1-a. Enter the transactions of the Wiset Company that should be journalized in the sales journal.
1-b. Enter the transactions of the Wiset Company that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10, n/30.
2. Enter the March 31 balances for Cash ($79,000), Inventory ($191,000), Long-Term Notes Payable ($170,000), and B. Wiset, Capital ($100,000). Post the total amounts from the journal in the respective general ledger accounts.
3. Enter the March 31 balances for Cash ($79,000), Inventory ($191,000), Long-Term Notes Payable ($170,000), and B. Wiset, Capital ($100,000). Post the total amounts from the journal in the respective accounts receivable subsidiary ledger accounts for Paula Kohr, Page Alistair, and Nic Nelson.
4-a. Prepare a trial balance of the general ledger accounts.
4-b. Prepare a schedule of accounts receivable.
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