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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 $14,300
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 $14,300 of merchandise on credit from Noth Company, Invoice dated April 2, terms 2/18, n/68 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for $4,800 (cost is $3,880) 3 Purchased $1,480 of office supplies on credit from Custer, Inc. Invoice dated April 2, terns n/e 4 Issued Check No. 587 to world View for advertising expense, $899 5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,000 (cost is $6,500) 6 Received an $88 credit menorandum from Custers Inc., for the return of some of the office supplies received on Aprfl 3 9 Purchased $12,125 of store equipment on credit from Hal's Supply, invoice dated April 9, terms n/? EON 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $1e,5ee (cost is $7,888) 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 S5, 100 of merchandise on credit to Page Alistair (cost is $3,600), invoice No. 763 14 Received payment from Paula Kohr for the April 5 sale less the discount 16 Issued Check No. 589, payable to Payro11, in payment of sales salaries expense for the first half of the month, $10,750. Cashed the check and paid employees 16 Cash sales for the first half of the month are $52,840 (cost is $35,880). (Cash sales are recorded daily from cash register data but are recorded only twice in this problen to reduce repetitive entries.) 17 Purchased $13,75e of merchandise on credit from Grant Company, invoice dated April 17, terms 2/18, n/3 18 Borrowed $68,888 cash from First State Bank by signing a long-term note payable 28 Received payment from Nic Nelson for the April 11 sale less the discount 28 Purchased $838 of store supplies on credit from Hal's Supply, invoice dated April 19, terms n/ie Eom 23 Received a $750 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 $11,375 of merchandise on credit from Noth Company, invoice dated April 24, terns 2/18, n/68. 26 Issued Check No. 590 to Grant Company in payment of its April i7?voice less the return and the discount 27 Sold 53,170 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,520) 27 Sold $6,700 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,305) 30 Issued check No. 591, payable to Payroll, in paynent of the sales salaries expense for the last half of the month, $10,750 38 Cash sales for the last half of the nonth are $73,975 (cost is $ss,9ee) References Assume that Wiset Co. uses the perpetual inventory system 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 1-c. Prepare a general journal. Review the April transactions of Wiset Company and enter those transactions that should be journalized 2 & 3. Enter the March 31 balances of Cash ($85,000) Inventory ($125.000). Long-Term Notes Payable (S110,000), 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 Hal's Supply. Noth Company. Grant Company and Custer. Inc. 4-a. Prepare a trial balance 4-b. Prepare a schedule of accounts payable
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