Wiset Company completes these transactions during April of the current year (the

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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) Apr. 2 Purchased $14,200 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60. 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5, 500 (cost is $3,400) 3 Purchased $1,580 of office supplies on credit from Custer, Inc. Invoice dated April1 2, terms n/10 EOM 4 Issued Check No. 587 to World View for advertising expense, $910 5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,500 (cost is $7,200) 6 Received an $85 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3. 9 Purchased $12,585 of store equipment on credit from Hal's Supply, invoice dated April 9, terms n/10 EOM 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $11,100 (cost is $7,300) 12 Issued Check No. 588 to Noth Company in payment of its April 2 invoice less the discount 13 Received payment from Page Alistair for the April 3 sale less the discount. 13 sold $8,400 of merchandise on credit to Page Alistair (cost is $5,200), Invoice No. 763 14 Received payment from Paula Kohr for the April 5 sale less the discount 16 Issued Check No. 589, payable to Payroll, in payment of sales salaries expense for the first half of the month, $9,250 Cashed the check and paid employees. 16 Cash sales for the first half of the month are $56,750 (cost is $39,700). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.) 17 Purchased $11,800 of merchandise on credit from Grant Company, invoice dated April 17, terms 2/10, n/30 18 Borrowed $68,000 cash from First State Bank by signing a long-term note payable 20 Received payment from Nic Nelson for the April 11 sale less the discount. 20 Purchased $1,190 of store supplies on credit from Hal's Supply, invoice dated April 19, terms n/10 EOM 23 Received a $900 credit memorandum from Grant Company for the return of defective merchandise received on April 17 23 Received payment from Page Alistair for the April 13 sale less the discount. 25 Purchased $11,105 of merchandise on credit from Noth Company, invoice dated April 24, terms 2/10, n/60 26 Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the discount. 27 sold ?3,140 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,560) 27 Sold $6,600 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,360) 30 Issued Check No. 591, payable to Payroll, in payment of the sales salaries expense for the last half of the month, $9,250 30 Cash sales for the last half of the month are $70,100 (cost is $66,400) Assume that Wiset Co. uses the perpetual inventory system

Explanation / Answer

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1. Purchase Journal:

1b. Cash Disbursment Journal

1c. General Journal

2&3: Journal

4. Trial Balance:

4b. Payable Ledger:

Purchase Journal Date Account Terms PR Accounts Payable Cr Purchase Dr Office Supplies Dr Other Accounts Dr Apr 2 Noth Company 2/10,n/60 14200 14200 Apr 3 Custer Inc n/10 EOM 1580 1580 Apr 9 Hals n/10 EOM 12585 12585 Apr 17 Grant Co 2/10,n/30 11800 11800 Apr 20 Hals n/10 EOM 1190 1190 Apr 25 Noth Company 2/10,n/60 11105 11105 Total 52460 37105 1580 13775

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