Question
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 $14,400
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 $14,400 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60. 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5,900 (cost is $3,600). 3 Purchased $1,530 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, $870. 5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,500 (cost is $7,500). 6 Received an $80 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3. 9 Purchased $11,040 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 $12,300 (cost is $6,600). 12 Issued Check No. 588 to Noth Company in payment of its April 2 invoice less the discount. 13 Received payment from Page Alistair for the April 3 sale less the discount. 13 Sold $8,600 of merchandise on credit to Page Alistair (cost is $4,700), Invoice No. 763. 14 Received payment from Paula Kohr for the April 5 sale less the discount. 16 Issued Check No. 589, payable to Payroll, in payment of sales salaries expense for the first half of the month, $10,800. Cashed the check and paid employees. 16 Cash sales for the first half of the month are $57,630 (cost is $42,200). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.) 17 Purchased $12,100 of merchandise on credit from Grant Company, invoice dated April 17, terms 2/10, n/30. 18 Borrowed $65,000 cash from First State Bank by signing a long-term note payable. 20 Received payment from Nic Nelson for the April 11 sale less the discount. 20 Purchased $1,020 of store supplies on credit from Hals Supply, invoice dated April 19, terms n/10 EOM. 23 Received a $1,100 credit memorandum from Grant Company for the return of defective merchandise received on April 17. 23 Received payment from Page Alistair for the April 13 sale less the discount. 25 Purchased $11,620 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 Sold $3,220 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,600). 27 Sold $6,100 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $5,235). 30 Issued Check No. 591, payable to Payroll, in payment of the sales salaries expense for the last half of the month, $10,800. 30 Cash sales for the last half of the month are $78,300 (cost is $63,300).
1A, 1B and 1C:
2 & 3. Enter the March 31 balances of Cash ($83,000), Inventory ($138,000), Long-Term Notes Payable ($121,000), 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 Hals Supply, Noth Company, Grant Company and Custer, Inc.
4-a. Prepare a trial balance.
4-b. Prepare a schedule of accounts payable.
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 $14, 400 of nerchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5,900 (cost is $3, 600) 3 Purchased $1,530 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, 870. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for f9, 500 (cost i3 f7, 500) 6 Received an $80 credit memorandum from Custer, Inc., for the return of some of the office supplies received on 9 Purchased $11,040 of store equipment on credit from Hal's Supply, invoice dated April 9, terms n/10 EOM 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $12,300 (cost is $6, 600) 12 Issued Check No. 588 to Noth Company in paynent of its April 2 invoice less the discount 13 Received paynent from Page Alistair for the April 3 sale less the discount 13 Sold 8, 600 of merchandise on credit to Page Alistair (cost is $4,700), Invoice No. 76:3 14 Received payment from Paula Kohr for the April 5 sale less the discount. 16 Issued Check No. 589, payable to Payroll, in payment of sales salaries expense for the first half of the month, $10,800. Cashed the check and paid employees 16 Cash sales for the first half of the month are $57, 630 (cost is $42,200). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.) 17 Purchased $12,100 of nerchandise on credit from Grant Company, invoice dated April 17, terms 2/10, n/30. 18 Borrowed $65, 000 cash from First State Bank by signing a long-term note payable 20 Received payment from Nic Nelson for the April 11 sale less the discount. 20 Furchased $1,020 of store supplies on credit from Hal's Supply, invoice dated April 19, terms n/10 EOM 23 Received a 1,100 credit memorandum from Grant Company for the return of defective merchandise received on April 23 Received payment from Page Alistair for the April 13 sale less the discount. 25 Purchased $11, 620 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 Sold $3,220 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,600). 27 Sold $6,100 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost i3 $5,235) 30 Issued Check No. 591, payable to Payroll, in payment of the sales salaries expense for the last half of the month, $10,800. 30 Cash sales for the last half of the month are $78,300 (cost is 63,300) Assume that Wiset Co. uses the perpetual inventory system
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