Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30) Purchased $14,000 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60 Apr. 2 3 (a) Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5,800 (cost is $3,000) 3 Purchased $1,450 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, $852 5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,200 (cost is $6,600) 6 Received an $95 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3 Purchased $12,870 of store equipment on credit from Hal's Supply, invoice dated April 9, terms n/10 EOM 9 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $12,200 (cost is $7,600) 12 13 (a) Received payment from Page Alistair for the April 3 sale, less the discount. 13 (b) Sold $10,200 of merchandise on credit to Page Alistair (cost is $4,300), Invoice No. 763 Issued Check No. 588 to Noth Company in payment of its April 2 invoice, less the discount. 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, $10,050. Cashed the check and paid employees 16 (b) Cash sales for the first half of the month are $60,780 (cost is $43,800). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.) Purchased $13,900 of merchandise on credit from Grant Company, invoice dated April 17, terms 2/10, n/30 Borrowed $56,000 cash from First State Bank by signing a long-term note payable 17 18 20 (a) Received payment from Nic Nelson for the April 11 sale, less the discount. 20 (b) Purchased $1,100 of store supplies on credit from Hal's Supply, invoice dated April 19, terms n/10 EOM Received a $900 credit memorandum from Grant Company for the return of defective merchandise received on April 17 Received payment from Page Alistair for the April 13 sale, less the discount. Purchased $11,900 of merchandise on credit from Noth Company, invoice dated April 24, terms 2/10, /60 Issued Check No. 590 to Grant Company in payment of its April 17 invoice, less the return and the discount. 23 (a) 23 (b) 25 26 27 (a) Sold $3,140 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,590) 27 (b) Sold $8,400 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,740) 30 (a) Issued Check No. 591, payable to Payroll, in payment of the sales salaries expense for the last half of the month, $10,050 30 (b) Cash sales for the last half of the month are $72,200 (cost is $66,600) Assume that Wiset Co. uses the perpetual inventory system Enter the March 31 balances for Cash ($95,000), Inventory ($154,000), Long-Term Notes Payable ($149,000), and B. Wiset, Capital ($100,000). Post the total amounts from the journal in the following general ledger accounts and in the accounts receivable subsidiary ledger accounts for Paula Kohr, Page Alistair, and Nic Nelson GENERAL LEDGER Cash Accounts Receivable Date Debit Credit Balance Date Debit Credit Balance Mar. 31 Apr. 30 (a) Sales Journ Inventory Debit Long-Term Notes Payable Date Credit Balance Date Debit Credit Balance Mar. 31 Apr. 23 (a) Apr. 30 (a) Sales Jourm Apr. 30 (b) Cash Rec. Joum. Mar. 31 B. Wiset, Capital Debit Sales Date Credit Balance Date Debit Credit Balance Mar. 31 Sales Discounts Cost of Goods Sold Date Debit Credit Balance Date Debit Credit Balance Paula Kohr ACCOUNTS RECEIVABLE LEDGER Page Alistair Debit Credit Balance Date Date Debit Credit Balance Nic Nelson Debit Credit Balance Date Prepare a trial balance of the general ledger. WISET COMPANY Trial balance April 30 Debit Credit Wiset, Capital Accounts receivable Cost of goods sold nventory Sales discounts Cash 53,770 ong-term notes payable Totals 53,770$ Prepare a schedule of accounts receivable WISET COMPANY Schedule of Accounts Receivable July 31 $ 3,140 8,400 Paula Kohr Nic Nelson Page Alistair Total accounts receivable$11,540 Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30) Purchased $14,000 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60 Apr. 2 3 (a) Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5,800 (cost is $3,000) 3 Purchased $1,450 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, $852 5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,200 (cost is $6,600) 6 Received an $95 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3 Purchased $12,870 of store equipment on credit from Hal's Supply, invoice dated April 9, terms n/10 EOM 9 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $12,200 (cost is $7,600) 12 13 (a) Received payment from Page Alistair for the April 3 sale, less the discount. 13 (b) Sold $10,200 of merchandise on credit to Page Alistair (cost is $4,300), Invoice No. 763 Issued Check No. 588 to Noth Company in payment of its April 2 invoice, less the discount. 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, $10,050. Cashed the check and paid employees 16 (b) Cash sales for the first half of the month are $60,780 (cost is $43,800). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.) Purchased $13,900 of merchandise on credit from Grant Company, invoice dated April 17, terms 2/10, n/30 Borrowed $56,000 cash from First State Bank by signing a long-term note payable 17 18 20 (a) Received payment from Nic Nelson for the April 11 sale, less the discount. 20 (b) Purchased $1,100 of store supplies on credit from Hal's Supply, invoice dated April 19, terms n/10 EOM Received a $900 credit memorandum from Grant Company for the return of defective merchandise received on April 17 Received payment from Page Alistair for the April 13 sale, less the discount. Purchased $11,900 of merchandise on credit from Noth Company, invoice dated April 24, terms 2/10, /60 Issued Check No. 590 to Grant Company in payment of its April 17 invoice, less the return and the discount. 23 (a) 23 (b) 25 26 27 (a) Sold $3,140 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,590) 27 (b) Sold $8,400 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,740) 30 (a) Issued Check No. 591, payable to Payroll, in payment of the sales salaries expense for the last half of the month, $10,050 30 (b) Cash sales for the last half of the month are $72,200 (cost is $66,600) Assume that Wiset Co. uses the perpetual inventory system Enter the March 31 balances for Cash ($95,000), Inventory ($154,000), Long-Term Notes Payable ($149,000), and B. Wiset, Capital ($100,000). Post the total amounts from the journal in the following general ledger accounts and in the accounts receivable subsidiary ledger accounts for Paula Kohr, Page Alistair, and Nic Nelson GENERAL LEDGER Cash Accounts Receivable Date Debit Credit Balance Date Debit Credit Balance Mar. 31 Apr. 30 (a) Sales Journ Inventory Debit Long-Term Notes Payable Date Credit Balance Date Debit Credit Balance Mar. 31 Apr. 23 (a) Apr. 30 (a) Sales Jourm Apr. 30 (b) Cash Rec. Joum. Mar. 31 B. Wiset, Capital Debit Sales Date Credit Balance Date Debit Credit Balance Mar. 31 Sales Discounts Cost of Goods Sold Date Debit Credit Balance Date Debit Credit Balance Paula Kohr ACCOUNTS RECEIVABLE LEDGER Page Alistair Debit Credit Balance Date Date Debit Credit Balance Nic Nelson Debit Credit Balance Date Prepare a trial balance of the general ledger. WISET COMPANY Trial balance April 30 Debit Credit Wiset, Capital Accounts receivable Cost of goods sold nventory Sales discounts Cash 53,770 ong-term notes payable Totals 53,770$ Prepare a schedule of accounts receivable WISET COMPANY Schedule of Accounts Receivable July 31 $ 3,140 8,400 Paula Kohr Nic Nelson Page Alistair Total accounts receivable$11,540