Can I please get help with this practice with a short description of how it was done? Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30).April 2Purchased $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 4Issued Check Number 587 to World View for advertising expense of $859.April 5Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $17,000 (cost is $15,500).April 6Returned $70 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount.April 9Purchased $12,025 of store equipment on credit from Hal’s Supply, terms n/30.April 11Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,500 (cost is $18,000).April 12Issued 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 14Received 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 17Purchased $13,450 of merchandise on credit from Grant Company, terms 2/10, n/30.April 18Borrowed $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 25Purchased $11,675 of merchandise on credit from Noth Company, terms 2/10, n/60.April 26Issued 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 accounts receivable subsidiary ledger accounts for Paula Kohr, Page Alistair, and Nic Nelson.4-a. Prepare a trial balance of the general ledger accounts.4-b. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below.Reg 1AMA LA31Reg 18DateDateEnter the transactions of the Wiset Company that should be journalized in the sales journal.SALES JOURNALInvoiceNumberReg 2Account DebitedApril 30Complete this question by entering your answers in the tabs below.TotalsAccount CreditedReg 3Met 3Key 15Enter the transactions of the Wisst Company that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10, r/CASH RECEIPTS JOURNALCash DebitAccounts ReceivableDebit Sales CreditReg 4ASKA 45OtherAccountsCreditCaet of Goode SoidDebit inventoryCredit complete the qudas by maling your answers in the tabs below.May 14May 2the March 21 bare for Cach (2000), ntary (164,000), Long-Term Ne Payable (2000), and 2. vie, Capital (200,200), the total from thejolive grans bags andMarch 21LaTuinTotaCashKWInvertorySicLMTBay>TMicTwicomplete the questions by eating your in the tabs bekaWISET COMPANYTrial inceApril 30Linct5nahitBAJDevi AdmewwwDBayܐܘ ܟܬܐܐ5wkwyHALLELKCracMach 54FPCde Monk 31 balores for Ch 0584.000), Inventory (5354/0001 Lev Toms Sabes Poble 15180.005 end 8 Wort Centol 5000 Foot the othemal in the rective ecounts reveal subderver counts for Tokoh Poceo and Hic Hebr.MODELLAcants ReceLang-Term Notes PPFITew:Cast of Goods SeleDe:PORNFPDalC15were at tabe of the procal lecker wants.SET COMPANYIleaseApCompctct qucation by entering your answers in the tabo below.Tes 3LacKalaCATEFaD4427 KU

"Since you have asked a question with sub-parts more than three, as per guidelines, the first three…

Answered: Wiset Company completes these…

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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Can I please get help with this practice with a short description of how it was done?

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 accounts receivable subsidiary ledger accounts for Paula Kohr, Page Alistair, and Nic Nelson.

4-a. Prepare a trial balance of the general ledger accounts.

4-b. Prepare a schedule of accounts receivable.

Complete this question by entering your answers in the tabs below.
Reg 1A
MA LA
31
Reg 18
Date
Date
Enter the transactions of the Wiset Company that should be journalized in the sales journal.
SALES JOURNAL
Invoice
Number
Reg 2
Account Debited
April 30
Complete this question by entering your answers in the tabs below.
Totals
Account Credited
Reg 3
Met 3
Key 15
Enter the transactions of the Wisst Company that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10, r/
CASH RECEIPTS JOURNAL
Cash Debit
Accounts Receivable
Debit Sales Credit
Reg 4A
S
KA 45
<Reg 1A
Rea 48
Salee
Account
Discount Receivable
Credit
Cost of Goods Sold
Debit Inventory
Credit
Sales Credit
Reg 2 >
Other
Accounts
Credit
Caet of Goode Soid
Debit inventory
Credit

complete the qudas by maling your answers in the tabs below.
May 14
May 2
the March 21 bare for Cach (2000), ntary (164,000), Long-Term Ne Payable (2000), and 2. vie, Capital (200,200), the total from the
jolive grans bags and
March 21
La
Tuin
Tota
Cash
KW
Invertory
Sic
LMT
Bay>
T
Mic
Twi
complete the questions by eating your in the tabs beka
WISET COMPANY
Trial ince
April 30
Linct
5
nahit
BAJ
Devi Adme
www
D
Bay
ܐܘ ܟܬܐܐ
5
wkwy
HALLELK
Crac
Mach 54
FPC
de Monk 31 balores for Ch 0584.000), Inventory (5354/0001 Lev Toms Sabes Poble 15180.005 end 8 Wort Centol 5000 Foot the othe
mal in the rective ecounts reveal subderver counts for Tokoh Poceo and Hic Hebr.
MODELL
Acants Rece
Lang-Term Notes P
PFI
Tew:
Cast of Goods Sele
De:
PORN
FP
Dal
C
15
were at tabe of the procal lecker wants.
SET COMPANY
Ilease
Ap
Compctct qucation by entering your answers in the tabo below.
Tes 3
Lac
Kala
CATE
Fa
D
44
27 KU

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