Wiset Company completes these transactions during April of the current year $($the terms of all its credit sales are $2/10,$

n$/30).$

April $2$

Purchased $$15,000$ of merchandise on credit from Noth Company, terms $2/10,$ n$/60.$

April $3($a$)$ Sold merchandise on credit to Page Alistair, Invoice Number $760,$ for $$9,000($cost is $$8,000).$

April $3($b$)$ Purchased $$1,580$ of office supplies on credit from Custer, Incorporated, terms n$/30.$

Issued Check Number $587$ to World View for advertising expense of $$904.$

April $5$

Sold merchandise on credit to Paula Kohr, Invoice Number $761,$ for $$16,000($cost is $$14,500).$

April $6$

Returned $$100$ of office supplies purchased on April $3$ to Custer, Incorporated. Wiset reduces accounts payable by that amount.

April $9$

Purchased $$12,025$ of store equipment on credit from Hal's Supply, terms n$/30.$

April $11$

Sold merchandise on credit to Nic Nelson, Invoice Number $762,$ for $$21,900($cost is $$18,400).$

April $12$

Issued Check Number $588$ to Noth Company in payment of its April $2$ purchase less the discount of $$300.$

April $13($a$)$

Received payment from Page Alistair for the April $3$ sale less the discount of $$180.$

April $13($b$)$

Sold $$11,000$ of merchandise on credit to Page Alistair $($cost is $$9,500),$ Invoice Number $763.$

April $14$

Received

payment from Paula Kohr for the April $5$ sale less the discount of $$320.$

April $16($a$)$

Issued Check Number $589$ for $$10,450$; 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 $$52,040($cost is $$35,080).$ These cash sales are recorded in the cash receipts journal on April $16.$

April $17$

Purchased $$12,850$ of merchandise on credit from Grant Company, terms $2/10,$ n$/30.$

April $18$

Borrowed $$70,000$ cash from First State Bank by signing a long$-$term note payable.

April $20($a$)$

Received payment from Nic Nelson for the April $11$ sale less the discount of $$438.$

April $20($b$)$

Returned $5550$ of detect se meresandise pit hased on pril ly to Grant Company. Wiset reduces

April $23($a$)$

accounts payable by that amount.

April $23($b$)$

Received payment from Page Alistair for the April $13$ sale less the discount of $$220.$

April $25$

April $26$

Purchased $$11,275$ 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 $$244$ discount.

April $27($a$)$

Sold $$4,440$ of merchandise on credit to Paula Kohr, Invoice Number $764($cost is $$3,790)$

April $27($b$)$

Sold $$14,600$ of merchandise on credit to Nic Nelson, Invoice Number $765($cost is $$12,205).$

April $30($a$)$

Issued Check Number $591$ for $$10,450$; payee is Payroll, in payment of the sales salaries expense for the last half of the month.

April $30($b$)$

Cash sales for the last half of the month are $$73,975($cost is $$58,900).$ These cash sales are

recorded in the cash receipts journal on April $30.$

Required:

$1-$a$.$ 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 $($$$97,000),$ Inventory $($$$180,000),$ Long$-$Term Notes Payable $($$$177,000),$ and B$.$ Wiset, Capital $($$$100,000).$ Post the total amounts from the journal in the respective general ledger accounts.

$3.$ Enter the March $31$ balances for Cash $($$$97,000),$ Inventory $($$$180,000),$ Long$-$Term Notes Payable $($$$177,000),$ and B$.$ Wiset, Capital $($$$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.

$4-$a$.$ Prepare a trial balance of the general ledger accounts.

$4-$b$.$ Prepare a schedule of accounts receivable.