Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). April 2 Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60. April 3 (a) Sold merchandise on credit to Page Alistair, Invoice Number 760, for $7,000 (cost is $6,000). April 3 (b) Purchased $1,470 of office supplies on credit from Custer, Incorporated, terms n/30.
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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).
April 2 | Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60. |
---|---|
April 3 (a) | Sold merchandise on credit to Page Alistair, Invoice Number 760, for $7,000 (cost is $6,000). |
April 3 (b) | Purchased $1,470 of office supplies on credit from Custer, Incorporated, terms n/30. |
April 4 | Issued Check Number 587 to World View for advertising expense of $859. |
April 5 | Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $17,000 (cost is $15,500). |
April 6 | Returned $70 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. |
April 9 | Purchased $12,025 of store equipment on credit from Hal’s Supply, terms n/30. |
April 11 | Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,500 (cost is $18,000). |
April 12 | Issued Check Number 588 to Noth Company in payment of its April 2 purchase less the discount of $294. |
April 13 (a) | Received payment from Page Alistair for the April 3 sale less the discount of $140. |
April 13 (b) | Sold $10,300 of merchandise on credit to Page Alistair (cost is $8,800), Invoice Number 763. |
April 14 | Received payment from Paula Kohr for the April 5 sale less the discount of $340. |
April 16 (a) | Issued Check Number 589 for $11,450; payee is Payroll, in payment of sales salaries expense for the first half of the month. |
April 16 (b) | Cash sales for the first half of the month are $52,440 (cost is $35,480). These cash sales are recorded in the cash receipts journal on April 16. |
April 17 | Purchased $13,450 of merchandise on credit from Grant Company, terms 2/10, n/30. |
April 18 | Borrowed $60,000 cash from First State Bank by signing a long-term note payable. |
April 20 (a) | Received payment from Nic Nelson for the April 11 sale less the discount of $430. |
April 20 (b) | Purchased $730 of store supplies on credit from Hal’s Supply, terms n/30. |
April 23 (a) | Returned $750 of defective merchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by that amount. |
April 23 (b) | Received payment from Page Alistair for the April 13 sale less the discount of $206. |
April 25 | Purchased $11,675 of merchandise on credit from Noth Company, terms 2/10, n/60. |
April 26 | Issued Check Number 590 to Grant Company in payment of its April 17 invoice less the return and the $254 discount. |
April 27 (a) | Sold $6,040 of merchandise on credit to Paula Kohr, Invoice Number 764 (cost is $5,390). |
April 27 (b) | Sold $12,500 of merchandise on credit to Nic Nelson, Invoice Number 765 (cost is $10,105). |
April 30 (a) | Issued Check Number 591 for $11,450; payee is Payroll, in payment of the sales salaries expense for the last half of the month. |
April 30 (b) | Cash sales for the last half of the month are $73,975 (cost is $58,900). These cash sales are recorded in the cash receipts journal on April 30. |
Required:
1-a. Enter the transactions of the Wiset Company that should be journalized in the sales journal.
1-b. Enter the transactions of the Wiset Company that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10, n/30.
2. Enter the March 31 balances for Cash ($86,000), Inventory ($194,000), Long-Term Notes Payable ($180,000), and B. Wiset, Capital ($100,000). Post the total amounts from the journal in the respective general ledger accounts.
3. Enter the March 31 balances for Cash ($86,000), Inventory ($194,000), Long-Term Notes Payable ($180,000), and B. Wiset, Capital ($100,000). Post the total amounts from the journal in the respective
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