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. 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. ACCOUNTS RECEIVABLE LEDGER Page Alistair Paula Kohr Date Debit Credit Balance Date Debit Credit Balance Nic Nelson Date Debit Credit Balance 4a. Prepare a trial balance of the general ledger accounts. WISET COMPANY Trial Balance April 30 Debit Credit Totals $0 $0 4b. Prepare a schedule of accounts receivable. WISET COMPANY Schedule of Accounts Receivable April 30 Paula Kohr Nic Nelson Page Alistair Total accounts receivable $0

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. 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. ACCOUNTS RECEIVABLE LEDGER Page Alistair Paula Kohr Date Debit Credit Balance Date Debit Credit Balance Nic Nelson Date Debit Credit Balance 4a. Prepare a trial balance of the general ledger accounts. WISET COMPANY Trial Balance April 30 Debit Credit Totals $0 $0 4b. Prepare a schedule of accounts receivable. WISET COMPANY Schedule of Accounts Receivable April 30 Paula Kohr Nic Nelson Page Alistair Total accounts receivable $0

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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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.

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.

ACCOUNTS RECEIVABLE LEDGER
Page Alistair		Paula Kohr
Date	Debit	Credit	Balance	Date	Debit	Credit	Balance






Nic Nelson
Date	Debit	Credit	Balance

4a.

Prepare a trial balance of the general ledger accounts.

WISET COMPANY
Trial Balance
April 30
	Debit	Credit









Totals	$0	$0

4b.

Prepare a schedule of accounts receivable.

WISET COMPANY
Schedule of Accounts Receivable
April 30
Paula Kohr
Nic Nelson
Page Alistair
Total accounts receivable	$0

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