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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 Purchased $15,800
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 | Purchased $15,800 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60. | |||
3 | (a) | Sold merchandise on credit to Page Alistair, Invoice No. 760, for $4,900 (cost is $3,000). | |||
3 | (b) | Purchased $1,520 of office supplies on credit from Custer, Inc. Invoice dated April 2, terms n/10 EOM. | |||
4 | Issued Check No. 587 to World View for advertising expense, $931. | ||||
5 | Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,900 (cost is $6,200). | ||||
6 | Received an $70 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3. | ||||
9 | Purchased $12,175 of store equipment on credit from Hals Supply, invoice dated April 9, terms n/10 EOM. | ||||
11 | Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $12,700 (cost is $7,700). | ||||
12 | Issued Check No. 588 to Noth Company in payment of its April 2 invoice less the discount. | ||||
13 | (a) | Received payment from Page Alistair for the April 3 sale less the discount. | |||
13 | (b) | Sold $10,400 of merchandise on credit to Page Alistair (cost is $5,000), Invoice No. 763. | |||
14 | Received payment from Paula Kohr for the April 5 sale less the discount. | ||||
16 | (a) | Issued Check No. 589, payable to Payroll, in payment of sales salaries expense for the first half of the month, $11,150. Cashed the check and paid employees. | |||
16 | (b) | Cash sales for the first half of the month are $53,090 (cost is $41,100). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.) | |||
17 | Purchased $11,200 of merchandise on credit from Grant Company, invoice dated April 17, terms 2/10, n/30. | ||||
18 | Borrowed $56,000 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. | |||
20 | (b) | Purchased $890 of store supplies on credit from Hals Supply, invoice dated April 19, terms n/10 EOM. | |||
23 | (a) | Received a $1,100 credit memorandum from Grant Company for the return of defective merchandise received on April 17. | |||
23 | (b) | Received payment from Page Alistair for the April 13 sale less the discount. | |||
25 | Purchased $11,525 of merchandise on credit from Noth Company, invoice dated April 24, terms 2/10, n/60. | ||||
26 | Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the discount. | ||||
27 | (a) | Sold $3,350 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,740). | |||
27 | (b) | Sold $7,600 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $5,380). | |||
30 | (a) | Issued Check No. 591, payable to Payroll, in payment of the sales salaries expense for the last half of the month, $11,150. | |||
30 | (b) | Cash sales for the last half of the month are $72,000 (cost is $64,000). |
Assume that Wiset Co. uses the perpetual inventory system.
Required:
1-a. Review the transactions of Wiset Company and enter those that should be journalized in the sales journal. 1-b. Review the transactions of Wiset Company and enter those that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10, n/30.
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