Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

. [The following information applies to the questions displayed below.] Wiset Company completes these transactions during April of the current year (the terms of all

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

.

[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). Apri1 2 Purchased $13,400 of merchandise on credit from Noth Company, terms 2/10, n/60. Apri1 3 (a) Sold merchandise on credit to Page Aliatair, Involce Number 760, for $8,000 (cost is $7,000). Apri1 3 (b) Purchased $1,420 of office supplies on credit from Custer, Incorporated, terms n/30. Apri1 4 issued Check Number 587 to Morld Viev for advertising expense of $877. Apri1 5 Sold merchandise on credit to paula Rohr, Involce Number 761, for $14,000 (cost is $12,500 ). Apri1 6 Returned $100 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces Apri1 9 Purchased $12,225 of store equipment on oredit from Hal's supply, terms n/30. Apri1 11 Sold metchandise on eredit to Nic Nelson, Involce Number 762, for $20,400 (cost is $16,900 ). Apri1 12 issued Check Number 588 to Noth Company in payment of Its April 2 purchase less the discount of Aptil 13 (a) Received payment from Page Alistair for the April 3 sale less the discount of $160. Apri1 13 (b) Sold $9,300 of merchandise on credit to Page Alistair (cost is $7,800 ), Involce Number 763. Apri1 14 Received payment from Paula Rohr for the April 5 sale less the discount of $280. Apri1 16 (a) Issued Check Fumber 589 for $11,150; payee is Payro11, in payment of sales salaries expense for the first half of the month. Apri1 16 (b) Cesh sales for the first half of the month are $52,840 (cost is $35,880). These cash sales are recorded in the cash receipts journal on April 16 . Apri1 17 Purchaeed 513,050 of merchandise on credit from Grant Company, terms 2/10, n/30. Apri1 18 Borroved $70,000 cash from First state Bank by signing a long-term note payable. Aptil 20 (a) heceived payment from nie lielson for the April 11 sale less the discount of s408. Apri1 20 (b) Purchased $730 of store supplies on credit from Hal's Supply, terms n/30. Aprit 23 (a) heturned $750 of defective merchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by that amount. Apri1 23 (b) Heceived payment from Page Alistair for the April 13 sale less the discount of sis6. Apri1 25 Purchased $10,875 of merchandise on credit from Noth Company, terms 2/10, n/60. Aprit 26 Iosved Check Number 590 to Grant Company in payment of its April 17 involce less the return and the :246 diecount. Apri1 27 (a) bold $7,140 of merchandise on credit to Paula Kohr, Involce Number 764 (cost is $6,490 ). Apri1 27 (b) Sold $11,500 of merchandise on credit to Mic Melson, Invoice Mumber 765 (cost is $9,105 ). Aprid 30 (a) zosued Check Number 591 for 511,150 ; payee is Payrol1, in payment of the 3ales salaries axpense for the last half of the month. Apri2 30 (b) Cash sales for the last half of the month are 574,975 (cost is 559,900 . These cash 3alas are recorded in the cash receipts journal on Aprit 30 . 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 ($76,000), Inventory ($192,000), Long-Term Notes Payable ($168,000), 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 ($76,000), Inventory ($192,000), Long-Term Notes Payable ($168,000), 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. Complete this question by entering your answers in the tabs below. Enter the transactions of the Wiset Company that should be journalized in the sales journal. 4-b. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Enter the transactions of the Wiset Company that should be journalized in the sales journ 4-b. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. ($100,000). Post the total amounts from the journal in the respective general ledger accounts. 3. Enter the March 31 balances for Cash ($76,000), Inventory ($192,000), Long-Term Notes Payable ($168,000), 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. Complete this question by entering your answers in the tabs below. (1) Required information Req3> Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare a trial balance of the general ledger accounts. 3. Enter the March 31 balances for Cash ( $76,000), Inventory ($192,000), Long-Term Notes Payable ($168,000), and ($100,000). Post the total amounts from the journal in the respective accounts receivable subsidiary ledger accounts Page Alistair, and Nic Nelson. 4-a. Prepare a trial balance of the general ledger accounts. 4-b. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Prepare a schedule of accounts receivable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Social Work Policy Practice Changing Our Community Nation And The World

Authors: Jessica A Ritter

3rd Edition

179354087X, 9781793540874

More Books

Students also viewed these Accounting questions