Wiset Company completes these transactions during April of the current year (the terms of all its...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6657d163835be_2676657d1637b699.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6657d163e6030_2676657d163dd125.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6657d1644d9af_2686657d16441989.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6657d16517b2a_2696657d16512522.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6657d1658b81f_2696657d16586a03.jpg)
Transcribed Image Text:
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 April 3 (a) April 3 (b) April 4 April 5 April 6 April 9 April 11 April 12 April 13 (a) April 13 (b) April 14 April 16 (a) Purchased $13,500 of merchandise on credit from Noth Company, terms 2/10, n/60. Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000). Purchased $1,400 of office supplies on credit from Custer, Incorporated, terms n/30. Issued Check Number 587 to World View for advertising expense of $931. Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $17,000 (cost is $15,500). Returned $80 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. Purchased $12,125 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,800 (cost is $18,300). Issued Check Number 588 to Noth Company in payment of its April 2 purchase less the discount of $270. Received payment from Page Alistair for the April 3 sale less the discount of $160. Sold $10,000 of merchandise on credit to Page Alistair (cost is $8,500), Invoice Number 763. Received payment from Paula Kohr for the April 5 sale less the discount of $340. Issued Check Number 589 for $11,550; 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 $52,840 (cost is $35,880). These cash sales are recorded in the cash receipts jonal on April 16. April 17 April 18 April 20 (a) April 20 (b) April 23 (a) April 23 (b) April 25 April 26 April 27 (a) April 27 (b) April 30 (a) April 30 (b) Purchased $13,950 of merchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $70,000 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 $436. Purchased $830 of store supplies on credit from Hal's Supply, terms n/30. Returned $650 of defective merchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by that amount. Received payment from Page Alistair for the April 13 sale less the discount of $200. Purchased $11,175 of merchandise on credit from Noth Company, terms 2/10, n/60. Issued Check Number 590 to Grant Company in payment of its April 17 invoice less the return and the $266 discount. Sold $5,540 of merchandise on credit to Paula Kohr, Invoice Number 764 (cost is $4,890). Sold $13,100 of merchandise on credit to Nic Nelson, Invoice Number 765 (cost is $10,705). Issued Check Number 591 for $11,550; 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 $72,975 (cost is $57,900). These cash sales are recorded in the cash receipts journal on April 30. Required: 1-6. 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 ($74,000), Inventory ($187,000), Long-Term Notes Payable ($161,000), 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 ($74,000), Inventory ($187,000), Long-Term Notes Payable ($161,000), 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. 4-0. Prepare a trial balance of the general ledger accounts 4-b. Prepare a schedule of accounts receivable. 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 April 3 (a) April 3 (b) April 4 April 5 April 6 April 9 April 11 April 12 April 13 (a) April 13 (b) April 14 April 16 (a) Purchased $13,500 of merchandise on credit from Noth Company, terms 2/10, n/60. Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000). Purchased $1,400 of office supplies on credit from Custer, Incorporated, terms n/30. Issued Check Number 587 to World View for advertising expense of $931. Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $17,000 (cost is $15,500). Returned $80 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. Purchased $12,125 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,800 (cost is $18,300). Issued Check Number 588 to Noth Company in payment of its April 2 purchase less the discount of $270. Received payment from Page Alistair for the April 3 sale less the discount of $160. Sold $10,000 of merchandise on credit to Page Alistair (cost is $8,500), Invoice Number 763. Received payment from Paula Kohr for the April 5 sale less the discount of $340. Issued Check Number 589 for $11,550; 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 $52,840 (cost is $35,880). These cash sales are recorded in the cash receipts jonal on April 16. April 17 April 18 April 20 (a) April 20 (b) April 23 (a) April 23 (b) April 25 April 26 April 27 (a) April 27 (b) April 30 (a) April 30 (b) Purchased $13,950 of merchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $70,000 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 $436. Purchased $830 of store supplies on credit from Hal's Supply, terms n/30. Returned $650 of defective merchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by that amount. Received payment from Page Alistair for the April 13 sale less the discount of $200. Purchased $11,175 of merchandise on credit from Noth Company, terms 2/10, n/60. Issued Check Number 590 to Grant Company in payment of its April 17 invoice less the return and the $266 discount. Sold $5,540 of merchandise on credit to Paula Kohr, Invoice Number 764 (cost is $4,890). Sold $13,100 of merchandise on credit to Nic Nelson, Invoice Number 765 (cost is $10,705). Issued Check Number 591 for $11,550; 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 $72,975 (cost is $57,900). These cash sales are recorded in the cash receipts journal on April 30. Required: 1-6. 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 ($74,000), Inventory ($187,000), Long-Term Notes Payable ($161,000), 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 ($74,000), Inventory ($187,000), Long-Term Notes Payable ($161,000), 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. 4-0. Prepare a trial balance of the general ledger accounts 4-b. Prepare a schedule of accounts receivable.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Name the following cycloalkanes:
-
Think of any one group in which you are now or once were a member. Evaluate its effectiveness according to the criteria for effective work groups presented in this chapter.
-
What are product focus and process focus based on? What is a focused factory? LO.1
-
What are the two elements that an employee must show to make a successful Title VII claim? Do you think the motivating factor standard is appropriate for discrimination claims based on national...
-
Sunland's Market recorded the following events involving a recent purchase of inventory: (1) Received goods for $7,800, terms 2/10, n/30. (2) Returned $156 of the shipment for credit. (3) Paid $39...
-
Determining the proceeds from Bond Issues Madison Corporation is authorized to issue $420,000 of 6-year bonds dated June 30, 2019, with a stated rate of interest of 11%. Interest on the bonds is...
-
Based on contract law principles, do you think the jury\'s verdict against the Loewen Group for $ 5 0 0 million was appropriate? Why or why not? What factors should the jury have considered in...
-
5.) Consider you have two systems - one filled with (1kg) water and the other with (1kg) of air. Both systems are at 1000 kPa and 30 C. Determine numerically which fluid system has the larger...
-
Question 3: The partnership of Blossom, Blue, and Kingbird engaged you to adjust its accounting records and convert them uniformly to the accrual basis in anticipation of admitting Kerns as a new...
-
Instructions : Build an Excel spreadsheet using the accounting equation (Assets = Liabilities + Shareholders' Equity). Remember that each transaction has an equal effect on both the left-hand side...
-
7.3 Fill in the spreadsheet below to calculate the port- folio return and risk between Zenon and Dynamics, given the 10 years of annual returns for each stock and portfolio weights of 50/50. (a) How...
-
At the end of the last financial year. your company's current assets were 81 million and its current liabilities were 75 million. At the end of the previous financial year, your company's current...
-
The following is a table of quarterly sales for a company for the last four years. Use a regression model to predict the sales in 1998. Year Sales Quarter 1 Quarter 2 Quarter 3 Quarter 4 1994 1,000...
-
The variables pe-ratio, profit, growth and employ are the price earnings ratio for 19 companies (firm) and their associated profit margins, percentage growth rates and number of employees in...
-
Is there a relationship between heart attacks and wine consumptionuse the variables wine and heart. Correlation coefficient = R2 = Model = Standard errors of coefficients =
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App