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 16 (a) 16 (b) 17 18 20 (a) 20 (b) Purchased $14,900 of merchandise on credit from Noth Company, terms 2/10, n/60. Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5,400 (cost is $2,400). Purchased $1,540 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $937. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,900 (cost is $7,100). Returned $65 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. Purchased $12,180 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $10,700 (cost is $7,200). Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of $298. Received payment from Page Alistair for the April 3 sale less the discount of $108. Sold $8,600 of merchandise on credit to Page Alistair (cost is $3,300), Invoice No. 763. Received payment from Paula Kohr for the April 5 sale less the discount of $198. Issued Check No. 589 for $10,000, payee is Payroll, in payment of sales salaries expense for the first half of the month. Cash sales for the first half of the month are $61,950 (cost is $37,000). These cash sales are recorded in the cash receipts journal on April 16. Purchased $12,700 of merchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $59,000 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 $214. Purchased $840 of store supplies on credit from Hal's Supply, terms n/30. 23 (a) Returned $700 of defective merchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by tha amount. 23 (b) Received payment from Page Alistair for the April 13 sale less the discount of $172. 25 26 Purchased $11,130 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 discount of $240. 27 (a) Sold $3,280 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,480). Check 18 Borrowed $59,000 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 $214. 20 (b) Purchased $840 of store supplies on credit from Hal's Supply, terms n/30. 23 (a) Returned $700 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 $172. 25 26 27 (a) 27 (b) 30 (a) Purchased $11,130 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 discount of $240. Sold $3,280 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,480). Sold $8,400 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,890). Issued Check No. 591 for $10,000, 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 $77,900 (cost is $64, 200). 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 purchases journal. 1-b. Enter the transaction of the Wiset Company that should be journalized in the cash payments journal. 1-c. Prepare a general journal. Enter the transaction of the Wiset Company that should be journalized in the general journal. 2 & 3. Enter the March 31 balances of Cash ($83,000), Inventory ($143,000), Long-Term Notes Payable ($126,000), and B. Wiset, Capital ($100,000). Post the total amounts from the journal in the following general ledger accounts and in the accounts payable subsidiary ledger accounts for Hal's Supply, Noth Company, Grant Company and Custer, Inc. 4-a. Prepare a trial balance. 4-b. Prepare a schedule of accounts payable. PURCHASES JOURNAL Accounts Date Account Date of Invoice Terms Payable Cr Inventory Dr. Office Other Supplies Dr. Accounts Dr. Apr. 30 Totals $ 0 $ 0 $ 0 $ Date Ck. No. Payee CASH PAYMENTS JOURNAL Account Debited Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable Dr. Apr. 30 Totals $ 0 $ 0 $ 0 $ 0 Journal entry worksheet 1 2 Returned $65 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3. Note: Enter debits before credits. Date Apr. 6 General Journal Debit Credit Journal entry worksheet 2 Received a $700 credit memorandum from Grant Company for the return of defective merchandise received on April 17. Note: Enter debits before credits. Date Apr. 23 General Journal Debit Credit Date Mar. 31 Date Date GENERAL LEDGER Cash Debit Office Supplies Debit Store Equipment Debit Credit Balance Date Inventory Debit Credit Balance Mar. 31 Store Supplies Credit Balance Date Debit Credit Balance Accounts Payable Credit Balance Date Debit Credit Balance Date Mar. 31 Date Date Long-Term Notes Payable Debit B. Wiset, Capital Credit Balance Date Debit Credit Balance Mar. 31 Sales Salaries Expense Debit Credit Balance Date Advertising Expense Debit Credit Balance ACCOUNTS PAYABLE LEDGER Custer, Inc. Debit Grant Company Credit Balance Date Debit Credit Balance Hal's Supply Noth Company Date Debit Credit Balance Date Debit Credit Balance WISET COMPANY Trial Balance April 30 Debit Totals $ 69 0 $ GA Credit 0 WISET COMPANY Schedule of Accounts Payable April 30 Custer, Inc. Hal's Supply Noth Company Grant Company Total accounts payable 69 $ 0