wiset company Wiset Company completes these transactions during April of the cur

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wiset company


Wiset Company completes these transactions during April of the current year the terms of all ts credit sales are 2/10, n/30), Purchased $15,300 of merchandise on credit from Noth Company, invoice dated April 2, t erms 2/10, n/60 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for 3 Purchased $1,550 of office supplies on credit from custer, Inc. Invoice $4,600 (cost is $2,800). dated April 2, terms n/10 EOM. 4 Issued Check No. 587 to World view for advertising expense, $916. 5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,5e0 (cost is $7,600 6 Received an $90 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3. 9 Purchased $11,590 of store equipment on credit from Hal's Supply, invoice dated April 9, terms n/18 EOM. 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $12,40e (cost is $7,700). any in payment of its April 2 invoice less the discount 12 Issued Check No. 588 to Noth Comp Received payment from Page Alistair for the April 3 sale less the discount. 13 Sold $8,180 of merchandise on credit to Page Alistair (cost is $3,700), Invoice 14 Received payment from Paula Kohr for the April 5 sale less the discount. 16 Issued Check No. 589, pay No. 763. able to Payroll, in payment of sales salaries expense for the first half of the month, $9,200. Cashed the check and paid employees. 6 Cash sales for the first half of the month are $55,050 (cost is $40,700). (Cash sales are recorded ash register data but are recorded only twice in this problem to reduce repetitive daily from c entries.) 17 Purchased $13,680 of merchandise on credit from Grant Company, invoice dated April 17, terms 2 /10, n/30 18 Borrowed $66,e88 cash from First State Bank by signing d long-term note payable. 20 Received payment from Nic Nelson for the April 11 sale less the discount 20 Purchased $948 of store supplies on credit from Hal's Supply, invoice dated April 19, terms n/1e EOM. 23 Received a $1,000 credit memorandum from Grant Company for the return of defective merchandise received on April 17

Explanation / Answer

Part 1-a)

The purchases journal is prepared as below:

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Part 1-b)

The cash disbursements journal is given as follows:

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Part 1-c)

The general journal is prepared as follows:

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Part 2 and 3)

The general ledger accounts are prepared as below:

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Part 4-a)

The trial balance is given as below:

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Part 4-b)

The schedule of accounts payable is provided as follows:

Purchases Journal Date Account Date of Invoice Terms Accounts Payable Cr. Inventory Dr. Office Supplies Dr. Other Accounts Dr. Apr-02 Noth Company 4/2 2/10, n/60 15,300 15,300 Apr-03 Office Supplies/Custer Inc. 4/2 n/10, EOM 1,550 1,550 Apr-09 Store Equipment/Hal's Supply 4/9 n/10, EOM 11,590 11,590 Apr-17 Grant Company 4/17 2/10, n/30 13,600 13,600 Apr-20 Store Supplies/Hal's Supply 4/19 n/10, EOM 940 940 Apr-25 Noth Company 4/24 2/10, n/60 11,285 11,285 Apr-30 Totals $54,265 $40,185 $1,550 $12,530

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