Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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) April 16 (b) 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 $13,500 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 $1,560 of office supplies on credit from Custer, Incorporated, terms n/30. Issued Check Number 587 to World View for advertising expense of $850. Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $17,000 (cost is $15,500). Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. Purchased $12,025 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $20,900 (cost is $17,400). 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 $8,500 of merchandise on credit to Page Alistair (cost is $7,000), Invoice Number 763. Received payment from Paula Kohr for the April 5 sale less the discount of $340. Issued Check Number 589 for $10,350; 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 $52,540 (cost is $35,580). These cash sales are recorded in the cash receipts journal on April 16. Purchased $13,550 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 $418. Purchased $830 of store supplies on credit from Hal's Supply, terms n/30. Returned $750 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 $170. Purchased $11,475 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 $256 discount. Sold $8,240 of merchandise on credit to Paula Kohr, Invoice Number 764 (cost is $7,590). Sold $13,800 of merchandise on credit to Nic Nelson, Invoice Number 765 (cost is $11,405). Issued Check Number 591 for $10,350; 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 $74,975 (cost is $59,900). These cash sales are recorded in the cash receipts journal on April 30.

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

Financial and Managerial Accounting Information for Decisions

Authors: John Wild, Ken Shaw, Barbara Chiappetta

6th edition

78025761, 978-0078025761

More Books

Students also viewed these Accounting questions

Question

Are all Ruby subclasses subtypes?

Answered: 1 week ago