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.

Transcribed Image Text: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
Transcribed Image Text: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

Question

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

Accepted Answer

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