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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, 200 of nerchandise on credit from Noth Company, terms 2/1e, n/6e. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 76e, for $4,200 (cost is $3,700). 3 (b) Purchased $1,410 of office supplies on credit fron Custer, Inc. terms n/3e. Issued Check No. 587 to korld View for advertising expense of $915. Sold nerchandise on credit to Paula Kohr, Invoice No. 761, for $10,00e (cost is $7, 200). Returned $7e of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that Purchased $1e,51e of store equipnent on credit fron Hal's Supply, terms n/30. Sold nerchandise on credit to Nic Nelson, Invoice No. 762, for $13,600 (cost is $7,1ee). Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $284. 6 11 12 13 (a) Received payment fron Page Alistair for the Apri1 3 sale less the discount of $84. 13 (b) Sold $6,e0e of merchandise on credit to Page Alistair (cost is $4,480), Invoice No. 763.

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, 200 of nerchandise on credit from Noth Company, terms 2/1e, n/6e. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 76e, for $4,200 (cost is $3,700). 3 (b) Purchased $1,410 of office supplies on credit fron Custer, Inc. terms n/3e. Issued Check No. 587 to korld View for advertising expense of $915. Sold nerchandise on credit to Paula Kohr, Invoice No. 761, for $10,00e (cost is $7, 200). Returned $7e of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that Purchased $1e,51e of store equipnent on credit fron Hal's Supply, terms n/30. Sold nerchandise on credit to Nic Nelson, Invoice No. 762, for $13,600 (cost is $7,1ee). Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $284. 6 11 12 13 (a) Received payment fron Page Alistair for the Apri1 3 sale less the discount of $84. 13 (b) Sold $6,e0e of merchandise on credit to Page Alistair (cost is $4,480), Invoice No. 763.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2 & 3. Enter the March 31 balances of Cash ($81,000). Inventory ($141,000). Long-Term Notes Payable ($122,000). 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 trlal balance. 4-b. Prepare a schedule of accounts payable. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 10 Req 2 and 3 Req 4A Req 48 Enter the transaction of the Wiset Company that should be journalized in the cash payments journal. CASH PAYMENTS JOURNAL Accounts Payable Dr. Other Ck. No. Cash Inventory Cr. Accounts Dr. Date Рayee Account Debited Cr. Аpr. 30 Totals IS IS IS IS Req 1A Req 1C > *Red text indicates no response was expected in a call ar a formula-based calculation is incorrect; no points deducted. < Prev ***********
Transcribed Image Text:2 & 3. Enter the March 31 balances of Cash ($81,000). Inventory ($141,000). Long-Term Notes Payable ($122,000). 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 trlal balance. 4-b. Prepare a schedule of accounts payable. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 10 Req 2 and 3 Req 4A Req 48 Enter the transaction of the Wiset Company that should be journalized in the cash payments journal. CASH PAYMENTS JOURNAL Accounts Payable Dr. Other Ck. No. Cash Inventory Cr. Accounts Dr. Date Рayee Account Debited Cr. Аpr. 30 Totals IS IS IS IS Req 1A Req 1C > *Red text indicates no response was expected in a call ar a formula-based calculation is incorrect; no points deducted. < Prev ***********
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, 200 of nerchandise on credit from Noth Company, terms 2/10, n/68. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,200 (cost is $3,700). 3 (b) Purchased $1,410 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $915. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $10,000 (cost is $7,2e8). Returned $70 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that anount. Purchased $10,510 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $13,600 (cost is $7,1e8). Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $284. 4 5 6 11 12 13 (a) Received payment from Page Alistair for the April 3 sale less the discount of $84. 13 (b) Sold $6,800 of merchandise on credit to Page Alistair (cost is $4,408), Invoice No. 763. Received payment from Paula Kohr for the April 5 sale less the discount of $200. 14 16 (a) Issued Check No. 589 for $11,200, payee is Payroll, in payment of sales salaries expense for the first half of the nonth. 16 (b) Cash sales for the first half of the month are $52,310 (cost is $42,600). These cash sales are recorded in the cash receipts journal on April 16. Purchased $14, 200 of nerchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $68,800 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 $272. 20 (b) Purchased $1,000 of store supplies on credit from Hal's Supply, terms n/30. 17 18 23 (a) Returned $1,000 of defective nerchandise 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 $120. 25 Purchased $11,360 of nerchandise on credit from Noth Company, terms 2/10, n/68. Issued Check No. 598 to Grant Company in payment of its April 17 invoice less the return and the discount of $264. 26 27 (a) Sold $3,350 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,698). 27 (b) Sold $8,488 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,955). 30 (a) Issued Check No. 591 for $11,200, 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 $75,700 (cost is $59,400). 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 purchases Journal. 1-b. Enter the transaction of the Wiset Company that should be journalized in the cash payments Journal. 1-c. Prepare a general Journal. Enter the transaction of the Wiset Company that should be journalized In the general Journal. 2 & 3. Enter the March 31 balances of Cash ($81,000). Inventory ($141,000). Long-Term Notes Payable ($122,000), and B. Wiset, Capita ($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. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 10 Req 2 and 3 Req 4A Req 4B Enter the transaction of the Wiset Company that should be journalized in the purchases journal. PURCHA SES JOURNAL Date of Invoice Accounts Office Other Date Account Terms Inventory Dr. Payable Cr. Supplies Dr. Accounts Dr. Apr. 02 Аpг. 03 Apr. 00 Аpг. 17 Аpг. 20 Apг. 25 Apг. 30 Totals 24 < Req 1A Req 1B >
Transcribed Image Text: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, 200 of nerchandise on credit from Noth Company, terms 2/10, n/68. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,200 (cost is $3,700). 3 (b) Purchased $1,410 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $915. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $10,000 (cost is $7,2e8). Returned $70 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that anount. Purchased $10,510 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $13,600 (cost is $7,1e8). Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $284. 4 5 6 11 12 13 (a) Received payment from Page Alistair for the April 3 sale less the discount of $84. 13 (b) Sold $6,800 of merchandise on credit to Page Alistair (cost is $4,408), Invoice No. 763. Received payment from Paula Kohr for the April 5 sale less the discount of $200. 14 16 (a) Issued Check No. 589 for $11,200, payee is Payroll, in payment of sales salaries expense for the first half of the nonth. 16 (b) Cash sales for the first half of the month are $52,310 (cost is $42,600). These cash sales are recorded in the cash receipts journal on April 16. Purchased $14, 200 of nerchandise on credit from Grant Company, terms 2/10, n/30. Borrowed $68,800 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 $272. 20 (b) Purchased $1,000 of store supplies on credit from Hal's Supply, terms n/30. 17 18 23 (a) Returned $1,000 of defective nerchandise 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 $120. 25 Purchased $11,360 of nerchandise on credit from Noth Company, terms 2/10, n/68. Issued Check No. 598 to Grant Company in payment of its April 17 invoice less the return and the discount of $264. 26 27 (a) Sold $3,350 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,698). 27 (b) Sold $8,488 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,955). 30 (a) Issued Check No. 591 for $11,200, 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 $75,700 (cost is $59,400). 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 purchases Journal. 1-b. Enter the transaction of the Wiset Company that should be journalized in the cash payments Journal. 1-c. Prepare a general Journal. Enter the transaction of the Wiset Company that should be journalized In the general Journal. 2 & 3. Enter the March 31 balances of Cash ($81,000). Inventory ($141,000). Long-Term Notes Payable ($122,000), and B. Wiset, Capita ($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. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 10 Req 2 and 3 Req 4A Req 4B Enter the transaction of the Wiset Company that should be journalized in the purchases journal. PURCHA SES JOURNAL Date of Invoice Accounts Office Other Date Account Terms Inventory Dr. Payable Cr. Supplies Dr. Accounts Dr. Apr. 02 Аpг. 03 Apr. 00 Аpг. 17 Аpг. 20 Apг. 25 Apг. 30 Totals 24 < Req 1A Req 1B >
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