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 $4,400 (cost is $3,600).
		3		Purchased $1,510 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, $920.
		5		Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,000 (cost is $6,200).
		6		Received an $85 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3.
		9		Purchased $12,065 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 $10,300 (cost is $6,800).
		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 $8,000 of merchandise on credit to Page Alistair (cost is $4,400), 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, $9,400. Cashed the check and paid employees.
		16		Cash sales for the first half of the month are $53,620 (cost is $40,500). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.)
		17		Purchased $11,600 of merchandise on credit from Grant Company, invoice dated April 17, terms 2/10, n/30.
		18		Borrowed $63,000 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 $840 of store supplies on credit from Hals Supply, invoice dated April 19, terms n/10 EOM.
		23		Received a $800 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 $11,020 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 $3,070 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,590).
		27		Sold $6,700 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,985).
		30		Issued Check No. 591, payable to Payroll, in payment of the sales salaries expense for the last half of the month, $9,400.
		30		Cash sales for the last half of the month are $71,600 (cost is $64,300).

Assume that Wiset Co. uses the perpetual inventory system.

Required:

1-a. Review the April transactions of Wiset Company and enter those transactions that should be journalized in the purchases journal. 1-b. Review the April transactions of Wiset Company and enter those transactions that should be journalized in the cash disbursements journal. 1-c. Prepare a general journal. Review the April transactions of Wiset Company and enter those transactions that should be journalized in the general journal. 2 & 3. Enter the March 31 balances of Cash ($86,000), Inventory ($146,000), Long-Term Notes Payable ($132,000), 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.

Review the April transactions of Wiset Company and enter those transactions that should be journalized in the purchases journal.

PURCHASES JOURNAL
Date	Account	Date of Invoice	Terms	Accounts Payable Cr.	Inventory Dr.	Office Supplies Dr.	Other Accounts Dr.
Apr. 30	Totals

Req 1A

Req 1B

CASH DISBURSEMENTS JOURNAL
Date	Ck. No.	Payee	Account Debited	Cash Cr.	Inventory Cr.	Other Accounts Dr.	Accounts Payable Dr.
Apr. 30		Totals

Req 1A

Req 1C

Received an $85 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Apr. 6

Received a $800 credit memorandum from Grant Company for the return of defective merchandise received on April 17. Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Apr. 23

Enter the March 31 balances of Cash ($86,000), Inventory ($146,000), Long-Term Notes Payable ($132,000), 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.

GENERAL LEDGER
Cash					Inventory
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Mar. 31					Mar. 31
Office Supplies					Store Supplies
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Store Equipment					Accounts Payable
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Long-Term Notes Payable					B. Wiset, Capital
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance

Date

Debit

Credit

Balance

Date

Debit

Credit

Balance

Long-Term Notes Payable

B. Wiset, Capital

Date

Debit

Credit

Balance

Date

Debit

Credit

Balance

Mar. 31

Mar. 31

Sales Salaries Expense

Advertising Expense

Date

Debit

Credit

Balance

Date

Debit

Credit

Balance

ACCOUNTS PAYABLE LEDGER

Custer, Inc.

Grant Company

Date

Debit

Credit

Balance

Date

Debit

Credit

Balance

Hals Supply

Noth Company

Date

Debit

Credit

Balance

Date

Debit

Credit

Balance

+

Choose your template

FPOspreadsheet

FPOgeneral journal

FPO

Req 1C

Req 4A

Prepare a trial balance.

WISET COMPANY
Trial Balance
April 30
	Debit	Credit
Totals