The April transactions of Wiset Company are described in Problem 7-2A Problem 7-3A Special journals. Required subsidiary ledgers, and 4. Prepare a general journal, a purchases journal like that in Exhibit 7.9. and a cash disbursements jour schedule of accounts nal like that in Exhibit 7.11. Number all journal pages as page 3. Review the April transactions of payable--perpetual Wiset Company and enter those transactions that should be journalized in the general journal, the 13 P1 P2 purchases journal, or the cash disbursements journal. Ignore any transactions that should be journal- ized in a sales journal or cash receipts journal. 2. Open the following general ledger accounts: Cash; Inventory: Office Supplies; Store Supplies: Store Equipment: Accounts Payable: Long-Term Notes Payable; B. Wiset, Capital: Sales Salaries Expense: and Advertising Expense. Enter the March 31 balances of Cash ($85.000). Inventory ($125.000). Long-Term Notes Payable ($110,000), and B. Wiset, Capital ($100,000). Also open accounts payable subsidiary ledger accounts for Hal's Supply, Noth Company, Grant Company, and Custer, Inc. 3. Verify that amounts that should be posted as individual amounts from the journals have been posted. (Such items are immediately posted.) Foot and crossfoot the journals and make the month-end postings. 4. Prepare a trial balance of the general ledger accounts opened as required for part 2; then prepare a Check Trial balance totals, schedule of accounts payable. $235,730 subsidiary ledgers by Dr. (Su receipts journal K L Number all journal pages as page 2. 3. Prepare a trial balance of the general ledger and prove the accuracy of the subsidia paring schedules of both accounts receivable and accounts payable. alance totals. 4. Pre cur rms of all its credit Analys 5. As lin -e dated April 2, terms ers, and ounts petual The A Wiset Company completes these transactions during April of the current year (the terms of sales are 2/10,n/30). Apr. 2 Purchased $14.300 of merchandise on credit from Noth Company, invoice dated A. 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 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 sun- plies received on April 3. Requi 1. Pr na 9 Purchased $12,125 of store equipment on credit from Hal's Supply, invoice dated April 9, terms n/10 EOM. 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 expenfor the of the month, $10,750. Cashed the check and paid employees. res expers for the first half | | | | | | | | | | | | | | | | | Cash sales for s for the first half of the month are SS2.840 (cost is $35.880). (Cash sales are recorded daily ister data but are recorded only twice in this problem to reduce repetitive entries.) $13.750 of merchandise on credit from Grant Company, invoice dated April 16 from cash register 17 Purchased $132 terms 2/10, 1/30. Borrowed $60.00 Received pay 20 Purchased $830 w/10 EOM 13 Received a $750 $60.000 cash from First State Bank by signing a long-term note payable. payment from Nie Nelson for the April 11 sale less the discount. $830 of store supplies on credit from Hal's Supply invoice dated April 19. terms da S750 credit memorandum from Grant Company for the return of defective merchan- dise received on April 17. ved payment from Page Alistair for the April 13 sale less the discount. chased $11,375 of merchandise on credit from Noth Company, invoice dated April 24. terms 13 Received paym 25 Purchased $11.375 2/10,n/60. Check No, 590 to Grant Company in payment of its April 17 invoice less the return and the discount. Sald $3.170 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,520). Sold $6,700 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,305). esited Check No. 591. payable to Payroll, in payment of the sales salaries expense for the last half of the month, $10.750. Cash sales for the last half of the month are $73,975 (cost is $58.900). The April transactions of Wiset Company are described in Problem 7-2A Problem 7-3A Special journals. Required subsidiary ledgers, and 4. Prepare a general journal, a purchases journal like that in Exhibit 7.9. and a cash disbursements jour schedule of accounts nal like that in Exhibit 7.11. Number all journal pages as page 3. Review the April transactions of payable--perpetual Wiset Company and enter those transactions that should be journalized in the general journal, the 13 P1 P2 purchases journal, or the cash disbursements journal. Ignore any transactions that should be journal- ized in a sales journal or cash receipts journal. 2. Open the following general ledger accounts: Cash; Inventory: Office Supplies; Store Supplies: Store Equipment: Accounts Payable: Long-Term Notes Payable; B. Wiset, Capital: Sales Salaries Expense: and Advertising Expense. Enter the March 31 balances of Cash ($85.000). Inventory ($125.000). Long-Term Notes Payable ($110,000), and B. Wiset, Capital ($100,000). Also open accounts payable subsidiary ledger accounts for Hal's Supply, Noth Company, Grant Company, and Custer, Inc. 3. Verify that amounts that should be posted as individual amounts from the journals have been posted. (Such items are immediately posted.) Foot and crossfoot the journals and make the month-end postings. 4. Prepare a trial balance of the general ledger accounts opened as required for part 2; then prepare a Check Trial balance totals, schedule of accounts payable. $235,730 subsidiary ledgers by Dr. (Su receipts journal K L Number all journal pages as page 2. 3. Prepare a trial balance of the general ledger and prove the accuracy of the subsidia paring schedules of both accounts receivable and accounts payable. alance totals. 4. Pre cur rms of all its credit Analys 5. As lin -e dated April 2, terms ers, and ounts petual The A Wiset Company completes these transactions during April of the current year (the terms of sales are 2/10,n/30). Apr. 2 Purchased $14.300 of merchandise on credit from Noth Company, invoice dated A. 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 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 sun- plies received on April 3. Requi 1. Pr na 9 Purchased $12,125 of store equipment on credit from Hal's Supply, invoice dated April 9, terms n/10 EOM. 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 expenfor the of the month, $10,750. Cashed the check and paid employees. res expers for the first half | | | | | | | | | | | | | | | | | Cash sales for s for the first half of the month are SS2.840 (cost is $35.880). (Cash sales are recorded daily ister data but are recorded only twice in this problem to reduce repetitive entries.) $13.750 of merchandise on credit from Grant Company, invoice dated April 16 from cash register 17 Purchased $132 terms 2/10, 1/30. Borrowed $60.00 Received pay 20 Purchased $830 w/10 EOM 13 Received a $750 $60.000 cash from First State Bank by signing a long-term note payable. payment from Nie Nelson for the April 11 sale less the discount. $830 of store supplies on credit from Hal's Supply invoice dated April 19. terms da S750 credit memorandum from Grant Company for the return of defective merchan- dise received on April 17. ved payment from Page Alistair for the April 13 sale less the discount. chased $11,375 of merchandise on credit from Noth Company, invoice dated April 24. terms 13 Received paym 25 Purchased $11.375 2/10,n/60. Check No, 590 to Grant Company in payment of its April 17 invoice less the return and the discount. Sald $3.170 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,520). Sold $6,700 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,305). esited Check No. 591. payable to Payroll, in payment of the sales salaries expense for the last half of the month, $10.750. Cash sales for the last half of the month are $73,975 (cost is $58.900)