6 4 Issued Check No 587 to World View for advertising expens

6 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) 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $11,100 (cost is $7,300) 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 Cashed the check and paid employees data but are recorded only twice in this problem to reduce repetitive entries.) 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. 23 Received payment from Page Alistair for the April 13 sale less 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 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

Solution

Wiset Company General Journal Date Particular Amount (Dr) Amount (Cr) 2-Apr Mercendise Inventory $         14,200.00     To Accounts Payable $                                          14,200.00 (Being Amount of Mercendise Purchased on account from North Company) 3-Apr Accounts receivable $           5,500.00       To Sales Revenue $                                            5,500.00 (Being amount of sales on credit to Page Alistair against inv.no.760) 3-Apr Cost of goods sold $           3,400.00      To Mercendise Inventory $                                            3,400.00 (Being amount of cost of goods sold) 3-Apr Office Supplies $           1,580.00      To Accounts Payable $                                            1,580.00 (Being amount of Supplies against invoice dt 2 April) 4-Apr Advertisement Exp $               910.00        To Bank $                                                910.00 (Being Amount of Advertisement expenses paid Via Cheque number587) 5-Apr Accounts receivable $           9,500.00       To Sales Revenue $                                            9,500.00 (Being amount of sales on credit to Paula Kohr against inv.no.761) 5-Apr Cost of goods sold $           7,200.00      To Mercendise Inventory $                                            7,200.00 (Being amount of cost of goods sold) 6-Apr Accounts Payable $                 85.00     To Office Supplies $                                                  85.00 (Being amount of return of office Supplies purchased from cluster inc.) 9-Apr Office Equipment $         12,585.00     To Accounts Payable $                                          12,585.00 (Being Amount of Office Equipment Purchased from Hal\'s Supply) 11-Apr Accounts receivable $         11,100.00       To Sales Revenue $                                          11,100.00 (Being amount of sales on credit to Nic.Nelson against inv.no.7612 11-Apr Cost of goods sold $           7,300.00      To Mercendise Inventory $                                            7,300.00 (Being amount of cost of goods sold) 12-Apr Accounts Payable $         14,200.00      To Mercendise Inventory=($14200*2%) $                                                284.00      To Cash=($14200)*98% $                                          13,916.00 (Being Amount paid to North Company vide cheque no 588) 13-Apr Cash=(5500*98%) $           5,390.00    Discount=($5500*2%) $               110.00      To Accounts Receivable $                                            5,500.00 (Being Amount received from Alistair ) 13-Apr Accounts receivable $           8,400.00       To Sales Revenue $                                            8,400.00 (Being amount of sales on credit to Page Alistair against inv.no.763) 13-Apr Cost of goods sold $           5,200.00      To Mercendise Inventory $                                            5,200.00 (Being amount of cost of goods sold) 14-Apr Cash=(9500*98%) $           9,310.00    Discount=($9500*2%) $               190.00      To Accounts Receivable $                                            9,500.00 (Being Amount received from Paula Kohr ) 16-Apr Sales Salaries Expenses $           9,250.00     To Cash $                                            9,250.00 (Being amount of Sales Salaries paid to employee vide Cheque No.589 ) 16-Apr Cash   $         56,750.00         To Sales Revenue $                                          56,750.00 (Being Amount of cash sales) 16-Apr Cost of goods sold $         39,700.00      To Mercendise Inventory $                                          39,700.00 (Being Amount of cost of goods sold) 17-Apr Mercendise Inventory $         11,800.00        To Accounts Payable $                                          11,800.00 (Being amount of Mercendise Purchased from Grant company) 18-Apr Cash $         68,000.00      To Long Term Notes Payable $                                          68,000.00 (Being Amount of Long term noted payable) 20-Apr Cash=(11100*98%) $         10,878.00    Discount=($11100*2%) $               222.00      To Accounts Receivable $                                          11,100.00 (Being Amount received from Nic Nelson ) 20-Apr Stores Supplied $           1,190.00        To Accounts Payable $                                            1,190.00 (Being Amount of Stores Supplied from Hal\'s Supply) 23-Apr Accounts Payable $               900.00      To Mercendise Inventory $                                                900.00 (Being Amount of Purchase return to grant company purchase dt 9th April)) 23-Apr Cash=(8400*98%) $           8,232.00    Discount=($8400*2%) $               168.00      To Accounts Receivable $                                            8,400.00 (Being Amount received from Nic Nelson ) 25-Apr Mercendise Inventory $         11,105.00     To Accounts Payable $                                          11,105.00 (Being Amount of Mercendise Purchased on account from North Company) 26-Apr Accounts Payable($11800-$900) $         10,900.00      To Cash=($10900*98%) $                                          10,682.00        To Merchandise Inventory=($10900*2%) $                                                218.00 (being amount paid for mercendise purchase from Grant company) 27-Apr Accounts receivable $           3,140.00       To Sales Revenue $                                            3,140.00 (Being amount of sales on credit to Paula Kohr inv.no.764 27-Apr Cost of goods sold $           2,560.00      To Mercendise Inventory $                                            2,560.00 (Being amount of cost of goods sold) 27-Apr Accounts receivable $           6,600.00       To Sales Revenue $                                            6,600.00 (Being amount of sales on credit to Nic.Nelson against inv.no.765 27-Apr Cost of goods sold $           4,360.00      To Mercendise Inventory $                                            4,360.00 (Being amount of cost of goods sold) 30-Apr Sales Salaries $           9,250.00      To Cash $                                            9,250.00 (Being Amount of Sales Salaries Paid) 30-Apr Cash   $         70,100.00         To Sales Revenue $                                          70,100.00 (Being Amount of cash sales) 30-Apr Cost of goods sold $         66,400.00      To Mercendise Inventory $                                          66,400.00 (Being Amount of cost of goods sold) Merchandise Inventory To Bal B/d $     1,48,000.00 By Cost of goods sold $                3,400.00 To Accounts Payable $         14,200.00 By Cost of goods sold $                7,200.00 To Accounts Payable $         11,800.00 By Cost of goods sold $                7,300.00 To Accounts Payable $         11,105.00 By Accounts Payable $                   284.00 By Cost of goods sold $                5,200.00 By Cost of goods sold $             39,700.00 By Accounts Payable $                   900.00 By Accounts Payable $                   218.00 By Cost of goods sold $                2,560.00 By Cost of goods sold $                4,360.00 By Cost of goods sold $             66,400.00 By Bal C/d $             47,583.00 Total $     1,85,105.00 Total $          1,85,105.00 Sales Revenue Particular Amount Particular Amount To Balance C/d $     1,71,090.00 By Accounts Receivable $                5,500.00 By Accounts Receivable $                9,500.00 By Accounts Receivable $             11,100.00 By Accounts Receivable $                8,400.00 By Cash $             56,750.00 By Accounts Receivable $                3,140.00 By Accounts Receivable $                6,600.00 By Cash $             70,100.00 Total $     1,71,090.00 Total $          1,71,090.00 Cost of goods sold Particular Amount Particular Amount To Mercendise Inventory $           3,400.00 By Balance C/d $          1,36,120.00 To Mercendise Inventory $           7,200.00 To Mercendise Inventory $           7,300.00 To Mercendise Inventory $           5,200.00 To Mercendise Inventory $         39,700.00 To Mercendise Inventory $           2,560.00 To Mercendise Inventory $           4,360.00 To Mercendise Inventory $         66,400.00 Total $     1,36,120.00 Total $          1,36,120.00 Accounts Receivable Particular Amount Particular Amount To Sales Revenue $           5,500.00 By Cash $                5,390.00 To Sales Revenue $           9,500.00 By Discount $                   110.00 To Sales Revenue $         11,100.00 By Cash $                9,310.00 To Sales Revenue $           8,400.00 By Discount $                   190.00 To Sales Revenue $           3,140.00 By Cash $             10,878.00 To Sales Revenue $           6,600.00 By Discount $                   222.00 By Cash $                8,232.00 By Discount $                   168.00 By Bal C/d $                9,740.00 Total $         44,240.00 Total $             44,240.00 Accounts Payable Particular Amount Particular Amount To Office Supplies $                 85.00 By Mercendise Inventory $             14,200.00 To Mercendise Inventory $               900.00 By Office Supplies $                1,580.00 To Mercendise Inventory $               284.00 By Store Supplied $                1,190.00 To Cash $         13,916.00 By Office Equipment $             12,585.00 To Mercendise Inventory $               218.00 By Mercendise Inventory $             11,800.00 To Cash $         10,682.00 By Mercendise Inventory $             11,105.00 To Bal C/d $         26,375.00 Total $         52,460.00 Total $             52,460.00 Cash A/c Particular Amount Particular Amount To Bal b/d $         82,000.00 To Accounts Receivable $           5,390.00 By Advertisement $                   910.00 To Accounts Receivable $           9,310.00 By Accounts Payable $             13,916.00 To Sales Revenue $         56,750.00 By Merchandise Inventory $             10,682.00 To Long Term Note Payable $         68,000.00 By Sales Salaries $                9,250.00 To Accounts Receivable $         10,878.00 By Sales Salaries $                9,250.00 To Accounts Receivable $           8,232.00 By Bal C/d $          2,66,652.00 To Sales Revenue $         70,100.00 Total $     3,10,660.00 $          3,10,660.00 Trial Balance Account Title Debit Credit Cash $     2,66,652.00 Accounts Receivable $           9,740.00 Mercendise Inventory $         47,583.00 Office Equipment $         12,585.00 Cost of goods sold $     1,36,120.00 Sales Allowances $               690.00 Store Supplies $           1,190.00 Sales Salaries $         18,500.00 Sales Revenue $                                      1,71,090.00 Accounts Payable $                                          26,375.00 Long Term Note Payable=($130000+$68000) $                                      1,98,000.00 Wiset\'s Capital $                                      1,00,000.00 Office Supplies $           1,495.00 Advertisement $               910.00 Total $     4,95,465.00 $                                      4,95,465.00