Chapter 7 Required information The folowing information appl

Chapter 7 Required information The folowing information applies to the questions displayed below Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, Part 1 of 3 n/30) Apr.Purchssed $15,300 of nerchandise on credit tron Noth Conpany, invoice dated April 2, terns 2/10, n/60 40 ) (a) Sold nerchandise on aredit to Page Alistair, Invoice No. 760, tor 4,200 (eost is 3,100 (b) Purchaxed $1,540 of office supplies on eredst fxon Custer, Ind. Invoice dated Aprll 2, teems n/10 EoN 4Issued Cheek No. 587 to World view for advertising expense, $882 5 Sold nerchandise on eredit so Paula Kohr, Invoice No.761, for $8,700 (eost is $6,100). 6 Received an?95 credit nenor andun fron euster, tre ., tor the return of sona of tha office supplies received on April 3 Purchased $10,7o5 of store equipnent on credie trom Hal\'s Supply, invoice dated April 9, terma 5 Sold nerchandise on credit to Nie Nelson, Invoice No, 762, for $10,900 (cost is $7 1001 Tasued Check No. 588 to Noth Corpany in paynent of ita April 2 invoice less the diacount (?) Received paysent fro Pays Alistair tor the April 3 sale less cha diaeeant 13 (b) Sold $13,300 of merchandise on credit to Page Alistair (cost is $5,3001 Invoice Mo: 63. 14 Received paynent from Paula Kohz for the April 5 ale less the discount of the nonth, $9,000. Caahed the check and paid enployees recorded dally fron cash register data but are recor ded only twice inh thia problen to reduce 6 (a) Issued Check No. 589, payable to Payroll, in payzent of sales salaries expense for the first hait 16 tb) Cash ®ales for the first half of the non th a $59,460 (nast is $41,600). Cash sales are repetitie entries.) 1 ehased 912,100 of nerchandise on credie fron Grant company, invoice dated April 17, terns 2/10, n/30 18 borroved $63,000 cash tron Pirst State Bank by signing a long-term note payable. 20 1a] Received paynent fron Nic Nelson for the April 11 sale less the discoust 20 (b purehared 51, 150 of store supplies an oredit tron Hal\'s Supply, invoice dated Apri1 19, tems 23 ?a) Received 5 1,200 credit thonor andun from Grant Company tor the return of defective nerchandise receised on April 23 Ibi Received payment tron Page Alistair for the April 13 ale less the discount 25 Purchased $11,585 of nerchandise on credit fron Noth Conpany, snvoice dsted April 24, ers 2/10, 26 TEssed Check No. 5s0 ta Grast Company in payment of its April 17 involce less the return and the 27 lal Sold S3, 170 of nerchandise on eredit to PauLa Kohr, tnvaice No. T64 (cart ?- $2,450) 27 (b) Sold 9.100 of 3erchandise on credit to N10 bgelson, invoice so. 765 ?oost is F4, 790) 30 Ka) Issued Check Ba. 591, payable to Payroll, in payment of the sales salarLesi expense for the lase half of the month, $9,000 30 {b) Canh \"sales for the last half of tha ronth arn *79,000 tcost is $63.70? Assume that Wiset Co. uses the perpetual inventory system Required: 1-a. Review the transactions of Wiset Company and enter those that should be journaized in the sales journal. 1-b. Review the transactions of Wiset Company and enter those that should be jouinakzed in the cash receipts journal. The terms of all credit sales are 2/10, n/30 1 2 3 or 3 Next > OSHIBA

Solution

1-a.

1-b.

WISET COMPANY
SALES JOURNAL
Date	Account Debited	Invoice No.	Accounts Receivable Dr Sales Revenue Cr	Cost of goods sold Dr Inventory Cr
April.3	Page Alistair	760	4200	3100
April.5	Paul Kohr	761	8700	6100
April.11	Nic Nelson	762	10900	7100
April.13	Page Alistair	763	13300	5300
April.27	Paul Kohr	764	3170	2450
April.27	Nic Nelson	765	9100	4790
	Total		49370	28840