Wiset Company completes these transactions during April of thecurrent year (the terms of all its credit sales are 2/10,n/30).

Apr. 2 Purchased $14,600 of merchandise on credit from NothCompany, invoice dated April 2, terms 2/10, n/60.

Apr. 3 Sold merchandise on credit to Brooke Page Alistair,Invoice No. 760, for $4,600 (cost is $3,100).

Apr. 3 Purchased $1,590 of office supplies on credit fromCuster, Inc. Invoice dated April 2, terms n/10 EOM.

Apr. 4 Issued Check No. 587 to WorldView for advertising expense, $850.

Apr. 5 Sold merchandise on credit to Paula Kohr, Invoice No.761, for $8,900 (cost is $7,600).

Apr. 6 Received an $70 credit memorandum from Custer, Inc., forthe return of some of the office supplies received on April 3.

Apr. 9 Purchased $11,620 of store equipment on credit from HalâsSupply, invoice dated April 9, terms n/10 EOM.

Apr. 11 Sold merchandise on credit to Nic Nelson, Invoice No.762, for $10,200 (cost is $7,300).

Apr. 12 Issued Check No. 588 to Noth Company in payment of itsApril 2 invoice, less the discount.

Apr. 13 Received payment from Page Alistair for the April 3sale, less the discount.

Apr. 13 Sold $6,300 of merchandise on credit to Page Alistair(cost is $4,500), Invoice No. 763.

Apr. 14 Received payment from Paula Kohr for the April 5 sale,less the discount.

Apr. 16 Issued Check No. 589, payable to Payroll, in payment ofsales salaries expense for the first half of the month, $9,150.Cashed the check and paid employees.

Apr. 16 Cash sales for the first half of the month are $56,070(cost is $40,000). (Cash sales are recorded daily from cashregister data but are recorded only twice in this problem to reducerepetitive entries.)

Apr. 17 Purchased $14,200 of merchandise on credit from GrantCompany, invoice dated April 17, terms 2/10, n/30.

Apr. 18 Borrowed $72,000 cash from First State Bank by signing along-term note payable.

Apr. 20 Received payment from Nic Nelson for the April 11 sale,less the discount.

Apr. 20 Purchased $820 of store supplies on credit from HalâsSupply, invoice dated April 19, terms n/10 EOM.

Apr. 23 Received a $1,000 credit memorandum from Grant Companyfor the return of defective merchandise received on April 17.

Apr. 23 Received payment from Page Alistair for the April 13sale, less the discount.

Apr. 25 Purchased $11,800 of merchandise on credit from NothCompany, invoice dated April 24, terms 2/10, n/60.

Apr. 26 Issued Check No. 590 to Grant Company in payment of itsApril 17 invoice, less the return and the discount.

Apr. 27 Sold $3,480 of merchandise on credit to Paula Kohr,Invoice No. 764 (cost is $2,490).

Apr. 27 Sold $8,700 of merchandise on credit to Nic Nelson,Invoice No. 765 (cost is $4,230).

Apr. 30 Issued Check No. 591, payable to Payroll, in payment ofthe sales salaries expense for the last half of the month,$9,150.

Apr. 30 Cash sales for the last half of the month are $72,500(cost is $66,200).

Assume that Wiset Co. uses the perpetual inventory system.

Review the April transactions of Wiset Company and enter thosetransactions that should be journalized in the purchasesjournal

Review the April transactions of Wiset Company and enter thosetransactions that should be journalized in the cash disbursementsjournal.

Prepare a general journal. Review the April transactions ofWiset Company and enter those transactions that should bejournalized in the general journal.

Enter the March 31 balances of Cash ($85,000), Inventory($138,000), Long-Term Notes Payable ($123,000), and B. Wiset,Capital ($100,000). Post the total amounts from the journal in thefollowing general ledger accounts and in the accounts payablesubsidiary ledger accounts for Halâs Supply, Noth Company, GrantCompany and Custer, Inc.

Prepare a trial balance.

Prepare a schedule of accounts payable.

Question

Wiset Company completes these transactions during April of thecurrent year (the terms of all its credit sales are 2/10,n/30).

Apr. 2 Purchased $14,600 of merchandise on credit from NothCompany, invoice dated April 2, terms 2/10, n/60.

Apr. 3 Sold merchandise on credit to Brooke Page Alistair,Invoice No. 760, for $4,600 (cost is $3,100).

Apr. 3 Purchased $1,590 of office supplies on credit fromCuster, Inc. Invoice dated April 2, terms n/10 EOM.

Apr. 4 Issued Check No. 587 to WorldView for advertising expense, $850.

Apr. 5 Sold merchandise on credit to Paula Kohr, Invoice No.761, for $8,900 (cost is $7,600).

Apr. 6 Received an $70 credit memorandum from Custer, Inc., forthe return of some of the office supplies received on April 3.

Apr. 9 Purchased $11,620 of store equipment on credit from HalâsSupply, invoice dated April 9, terms n/10 EOM.

Apr. 11 Sold merchandise on credit to Nic Nelson, Invoice No.762, for $10,200 (cost is $7,300).

Apr. 12 Issued Check No. 588 to Noth Company in payment of itsApril 2 invoice, less the discount.

Apr. 13 Received payment from Page Alistair for the April 3sale, less the discount.

Apr. 13 Sold $6,300 of merchandise on credit to Page Alistair(cost is $4,500), Invoice No. 763.

Apr. 14 Received payment from Paula Kohr for the April 5 sale,less the discount.

Apr. 16 Issued Check No. 589, payable to Payroll, in payment ofsales salaries expense for the first half of the month, $9,150.Cashed the check and paid employees.

Apr. 16 Cash sales for the first half of the month are $56,070(cost is $40,000). (Cash sales are recorded daily from cashregister data but are recorded only twice in this problem to reducerepetitive entries.)

Apr. 17 Purchased $14,200 of merchandise on credit from GrantCompany, invoice dated April 17, terms 2/10, n/30.

Apr. 18 Borrowed $72,000 cash from First State Bank by signing along-term note payable.

Apr. 20 Received payment from Nic Nelson for the April 11 sale,less the discount.

Apr. 20 Purchased $820 of store supplies on credit from HalâsSupply, invoice dated April 19, terms n/10 EOM.

Apr. 23 Received a $1,000 credit memorandum from Grant Companyfor the return of defective merchandise received on April 17.

Apr. 23 Received payment from Page Alistair for the April 13sale, less the discount.

Apr. 25 Purchased $11,800 of merchandise on credit from NothCompany, invoice dated April 24, terms 2/10, n/60.

Apr. 26 Issued Check No. 590 to Grant Company in payment of itsApril 17 invoice, less the return and the discount.

Apr. 27 Sold $3,480 of merchandise on credit to Paula Kohr,Invoice No. 764 (cost is $2,490).

Apr. 27 Sold $8,700 of merchandise on credit to Nic Nelson,Invoice No. 765 (cost is $4,230).

Apr. 30 Issued Check No. 591, payable to Payroll, in payment ofthe sales salaries expense for the last half of the month,$9,150.

Apr. 30 Cash sales for the last half of the month are $72,500(cost is $66,200).

Assume that Wiset Co. uses the perpetual inventory system.

Review the April transactions of Wiset Company and enter thosetransactions that should be journalized in the purchasesjournal

Review the April transactions of Wiset Company and enter thosetransactions that should be journalized in the cash disbursementsjournal.

Prepare a general journal. Review the April transactions ofWiset Company and enter those transactions that should bejournalized in the general journal.

Enter the March 31 balances of Cash ($85,000), Inventory($138,000), Long-Term Notes Payable ($123,000), and B. Wiset,Capital ($100,000). Post the total amounts from the journal in thefollowing general ledger accounts and in the accounts payablesubsidiary ledger accounts for Halâs Supply, Noth Company, GrantCompany and Custer, Inc.

Prepare a trial balance.

Prepare a schedule of accounts payable.

May 1		Issued Check No. 3410 to S&P Management Co. in payment ofthe May rent, $3,200. (Use two lines to record the transaction.Charge 80% of the rent to Rent Expense-Selling Space and thebalance to Rent Expense-Office Space.)
2		Sold merchandise on credit to Hensel Company, Invoice No. 8785,for $7,000 (cost is $5,000).
2		Issued a $150 credit memorandum to Knox Co., for defective(worthless) merchandise sold on April 28 and returned for credit.The total selling price (gross) was $4,700.
3		Received a $800 credit memorandum from Peyton Products for thereturn of merchandise purchased on April 29.
4		Purchased the following on credit from Gear Supply Co.:merchandise, $36,872; store supplies, $591; and office supplies,$82. Invoice dated May 4, terms n/10 EOM.
5		Received payment from Knox Co., for the balance from the April28 sale less the May 2 return and the discount.
8		Issued Check No. 3411 to Peyton Products to pay for the $6,300of merchandise purchased on April 29 less the May 3 return and a 2%discount.
9		Sold store supplies to themerchant next door at their cost of $387 cash.
10		Purchased $4,900 of office equipment on credit from Gear SupplyCo., invoice dated May 10, terms n/10 EOM.
11		Received payment from HenselCompany for the May 2 sale less the discount.
11		Purchased $9,500 of merchandise from Garcia, Inc., invoice datedMay 10, terms 2/10, n/30.
12		Received an $900 credit memorandum from Gear Supply Co. for thereturn of defective office equipment received on May 10.
15		Issued Check No. 3412, payable to Payroll, in payment of salessalaries, $4,820, and office salaries, $3,550. Cashed the check andpaid the employees.
15		Cash sales for the first half of the month are $59,420 (cost is$46,500). (Cash sales are recorded daily but are recorded onlytwice here to reduce repetitive entries.)
15		Post to the customer and creditor accounts. Also post individualitems that are not included in column totals at the end of themonth to the general ledger accounts. (Such items are posted dailybut are posted only twice each month because they are few innumber.)
16		Sold merchandise on credit to Hensel Company, Invoice No. 8786,for $4,800 (cost is $2,700).
17		Purchased $13,600 of merchandise from Fink Corp., invoice datedMay 14, terms 2/10, n/60.
19		Issued Check No. 3413 to Garcia, Inc., in payment of its May 10invoice less the discount.
22		Sold merchandise to Lee Services, Invoice No. 8787, for $7,800(cost is $5,940), terms 2/10, n/60.
23		Issued Check No. 3414 to Fink Corp. in payment of its May 14invoice less the discount.
24		Purchased the following on credit from Gear Supply Co.:merchandise, $8,820; store supplies, $690; and office supplies,$273. Invoice dated May 24, terms n/10 EOM.
25		Purchased $3,400 of merchandise from Peyton Products, invoicedated May 23, terms 2/10, n/30.
26		Sold merchandise on credit to Crane Corp., Invoice No. 8788, for$14,400 (cost is $8,420).
26		Issued Check No. 3415 to Perennial Power in payment of the Mayelectric bill, $1,275.
29		The owner of Colo Company, Jenny Colo, used Check No. 3416 towithdraw $6,500 cash from the business for personal use.
30		Received payment from Lee Services for the May 22 sale less thediscount.
30		Issued Check No. 3417, payable to Payroll, in payment of salessalaries, $4,820, and office salaries, $3,550. Cashed the check andpaid the employees.
31		Cash sales for the last half of the month are $66,800 (cost is$42,200).
31		Post to the customer and creditor accounts. Also post individualitems that are not included in column totals at the end of themonth to the general ledger accounts. Foot and crossfoot thejournals and make the month-end postings. uses a sales journal, a purchases journal, a cash receiptsjournal, a cash disbursements journal and a general journal.

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