(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 n/30) 2/10 Purchased $15,100 of merchandise on credit from Noth Company, terms 2/10, n/60. Sold merchandise on credit to Page Alistair,Invoice No. 760, for $4,300 (cost is $2,200). Purchased $1,520 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $885. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,700 (cost is $6,300). Returned $100 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. Purchased $10,125 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $12,100 (cost is $7,500) Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of Apr. 3 (a) 3 (b) 4 5 6 11 12 $302. 13 (a) Received payment from Page Alistair for the April 3 sale less the discount of $86. 13 (b) Sold $13,400 of merchandise on credit to Page Alistair (cost is $4,700), Invoice No. 763. Received payment from Paula Kohr for the April 5 sale less the discount of $174. Issued Check No. 589 for $9,600, payee is Payroll, in payment of sales salaries expense for 14 16 (a) the first half of the month. 16 (b) Cash sales for the first half of the month are $56,960 (cost is $42.900). These cash sales are recorded in the cash receipts journal on April 16. Purchased $12,400 of merchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $68,000 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 $242. Purchased $1,160 of store supplies on credit from Hal's Supply, terms n/30. Returned $1,100 of defective merchandise purchased on April 17 to Grant Company.iset reduces accounts payable by that amount. 17 18 20 (a) 20 (b) 23 (a) 23 (b) Received payment from Page Alistair for the April 13 sale less the discount of $268. Purchased $11,365 of merchandise on eredit 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 $226 discount. Sold $3,230 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,540) 25 26 27 (a) 27 (b) Sold $9,800 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $5,125). 30 (a) Issued Check No. 591 for $9,600, 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 $77,000 (cost is $66,700). These cash sales are recorded in the cash receipts journal on April 30. 30 (b) Assume that Wiset Co. uses the perpetual inventory system. Required information 2 GENERAL LEDGER Cash Accounts Receivable Debit Date Debit Credit Date Balance Credit Balance Mar. 31 Apr. 30 (b) Cash Rec. Journ. Part 2 of 3 83,000 45,634 37,366 Inventory Debit Long-Term Notes Payable Debit Date Credit Balance Date Balance 137,000 Credit Mar. 31 154,000 Mar. 31 B. Wiset, Capital Sales Credit Date Debit Balance Date Debit Credit Balance Mar. 31 100,000 Sales Discounts Cost of Goods Sold Balance Date Debit Credit Date Balance Debit Credit ACCOUNTS RECEIVABLE LEDGER Page Alistair Paula Kohr Credit Date Credit Debit Balance Date Balance Debit Apr. 05 Apr. 14 Nic Nelson Credit Date Debit Balance (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 n/30) 2/10 Purchased $15,100 of merchandise on credit from Noth Company, terms 2/10, n/60. Sold merchandise on credit to Page Alistair,Invoice No. 760, for $4,300 (cost is $2,200). Purchased $1,520 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $885. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,700 (cost is $6,300). Returned $100 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. Purchased $10,125 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $12,100 (cost is $7,500) Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of Apr. 3 (a) 3 (b) 4 5 6 11 12 $302. 13 (a) Received payment from Page Alistair for the April 3 sale less the discount of $86. 13 (b) Sold $13,400 of merchandise on credit to Page Alistair (cost is $4,700), Invoice No. 763. Received payment from Paula Kohr for the April 5 sale less the discount of $174. Issued Check No. 589 for $9,600, payee is Payroll, in payment of sales salaries expense for 14 16 (a) the first half of the month. 16 (b) Cash sales for the first half of the month are $56,960 (cost is $42.900). These cash sales are recorded in the cash receipts journal on April 16. Purchased $12,400 of merchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $68,000 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 $242. Purchased $1,160 of store supplies on credit from Hal's Supply, terms n/30. Returned $1,100 of defective merchandise purchased on April 17 to Grant Company.iset reduces accounts payable by that amount. 17 18 20 (a) 20 (b) 23 (a) 23 (b) Received payment from Page Alistair for the April 13 sale less the discount of $268. Purchased $11,365 of merchandise on eredit 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 $226 discount. Sold $3,230 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,540) 25 26 27 (a) 27 (b) Sold $9,800 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $5,125). 30 (a) Issued Check No. 591 for $9,600, 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 $77,000 (cost is $66,700). These cash sales are recorded in the cash receipts journal on April 30. 30 (b) Assume that Wiset Co. uses the perpetual inventory system. Required information 2 GENERAL LEDGER Cash Accounts Receivable Debit Date Debit Credit Date Balance Credit Balance Mar. 31 Apr. 30 (b) Cash Rec. Journ. Part 2 of 3 83,000 45,634 37,366 Inventory Debit Long-Term Notes Payable Debit Date Credit Balance Date Balance 137,000 Credit Mar. 31 154,000 Mar. 31 B. Wiset, Capital Sales Credit Date Debit Balance Date Debit Credit Balance Mar. 31 100,000 Sales Discounts Cost of Goods Sold Balance Date Debit Credit Date Balance Debit Credit ACCOUNTS RECEIVABLE LEDGER Page Alistair Paula Kohr Credit Date Credit Debit Balance Date Balance Debit Apr. 05 Apr. 14 Nic Nelson Credit Date Debit Balance