Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 $14,700

image text in transcribed
image text in transcribed
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 $14,700 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 $5,200 (cost is $2,700). 3 (b) Purchased $1,530 of office supplies on credit from Custer, Inc. terms n/30. 4 Issued Check No. 587 to World View for advertising expense of $886. 5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,300 (cost is $6,600). 6 Returned $65 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. 9 Purchased $12,045 of store equipment on credit from Hal's Supply, terms n/30. 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $11,600 (cost is $7,800). 12 Issued Check No. 588 to Moth Company in payment of its April 2 purchase less the discount of $294. 13 (a) Received payment from Page Alistair for the April 3 sale less the discount of $104. 13 (b) Sold $11,900 of merchandise on credit to Page Alistair (cost is $4,100), Invoice No. 763. 14 Received payment from Paula Kohr for the April 5 sale less the discount of $166. 16 (a) Issued Check No. 589 for $10,150, payee is Payroli, 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 $14,780 (cost is $42,600). These cash sales are recorded in the cash receipts journal on April 16. 17 Purchased $11,500 of merchandise on credit from Grant Company, termo 2/10, n/30. 18 Borrowed $68,000 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 $232. 20 (b) Purchased $1,160 of store supplies on credit from Hal's 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 paynent from Page Alistair for the April 13 sale less the discount of $238. 25 Purchased $11,670 of merchandise on credit from Noth Company, terns 2/10, n/60. 26 Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the $214 discount. 27 (a) Sold $3,110 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,790). 27 (b) Sold $8,500 of merchandise on credit to Nie Nelson, Invoice No. 765 (cost is $4,560). 30 (a) Issued Check No. 591 for $10,150, payee is Payroli, 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 $71,400 (cost is $62, 600). These cash sales are recorded in the cash receipts journal on April 30. Assume that Wiset Co. uses the perpetual inventory system, Required: 1-a. Enter the transaction of the Wiset Company that should be journalized in the sales journal. 1-b. Enter the transaction of the Wiset Company that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10, n/30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IATF 16949 2016 Plus ISO 9001 2015 Audit Guide And Checklist With ISO 9001 Customer Specific Core Tools And CQI Requirments

Authors: Patrick Ambrose, Systemsthinking .works

2nd Edition

154703355X, 978-1547033553

More Books

Students also viewed these Accounting questions

Question

Explain how psychologists study health and wellness.

Answered: 1 week ago