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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 $14,500
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 $14,500 of merchandise on credit from Noth Company, terms 2/10, n/60. | ||||
3 | (a) | Sold merchandise on credit to Page Alistair, Invoice No. 760, for $4,100 (cost is $3,600). | ||||
3 | (b) | Purchased $1,600 of office supplies on credit from Custer, Inc. terms n/30. | ||||
4 | Issued Check No. 587 to World View for advertising expense of $936. | |||||
5 | Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,000 (cost is $6,700). | |||||
6 | Returned $80 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. | |||||
9 | Purchased $12,930 of store equipment on credit from Hals Supply, terms n/30. | |||||
11 | Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $10,800 (cost is $7,700). | |||||
12 | Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of $290. | |||||
13 | (a) | Received payment from Page Alistair for the April 3 sale less the discount of $82. | ||||
13 | (b) | Sold $13,300 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 of $180. | |||||
16 | (a) | Issued Check No. 589 for $9,100, payee is Payroll, in payment of sales salaries expense for the first half of the month. | ||||
16 | (b) | Cash sales for the first half of the month are $53,530 (cost is $36,600). These cash sales are recorded in the cash receipts journal on April 16. | ||||
17 | Purchased $14,100 of merchandise on credit from Grant Company, terms 2/10, n/30. | |||||
18 | Borrowed $67,000 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 of $216. | ||||
20 | (b) | Purchased $910 of store supplies on credit from Hals Supply, terms n/30. | ||||
23 | (a) | Returned $800 of defective merchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by that amount. | ||||
23 | (b) | Received payment from Page Alistair for the April 13 sale less the discount of $266. | ||||
25 | Purchased $11,970 of merchandise on credit from Noth Company, 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 $266 discount. | |||||
27 | (a) | Sold $3,100 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,690). | ||||
27 | (b) | Sold $6,300 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,275). | ||||
30 | (a) | Issued Check No. 591 for $9,100, payee is Payroll, in payment of the sales salaries expense for the last half of the month. | ||||
30 | (b) | Cash sales for the last half of the month are $71,000 (cost is $61,400). These cash sales are recorded in the cash receipts journal on April 30. |
Assume that Wiset Co. uses the perpetual inventory system.
4-a. Prepare a trial balance of the general ledger. 4-b. Prepare a schedule of accounts receivable.
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