Purchased $14,400 of nerchandise on credit fron Noth Company, terms 2/10, n/Ge. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,100 (cost is $2,700). 3 (b) Purchased $1,540 of office supplies on credit from Custer, Inc. terns n/30. Issued Check No. 587 to World View for advertising expense of $913. Sold nerchandise on credit to Paula Kohr, Invoice No. 761, for $9,500 (cost is $6,700). Returned $95 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. Apr. 2 4 6 Purchased $10,465 of store equipment on credit from Hal's Supply, terms n/30. Sold nerchandise on credit to Nic Nelson, Invoice No. 762, for $13, 200 (cost is $6,900). Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $288. 11 12 13 (a) Received paynent from Page Alistair for the April 3 sale less the discount of $82. 13 (b) Sold $11, 200 of merchandise on credit to Page Alistair (cost is $4,400), Invoice No. 763. Received payment from Paula Kohr for the April 5 sale less the discount of $190. 14 16 (a) Issued Check No. 589 for $11,350, payee is Payroll, in payment of sales salaries expense for the first halt of the nonth. 16 (b) Cash sales for the tirst half of the month are $61,980 (cost is $42,7ee). These cash sales are recorded in the cash receipts journal on April 16. Purchased $13,6ee of nerchandise on credit fron Grant Company, terms 2/10, n/3e. Borrowed $58,000 cash from First State Bank by signing a long-term note payable. 17 18 20 (a) Received paynent from Nic Nelson for the April 11 sale less the discount of $264. 20 (b) Purchased $820 of store supplies on credit from Hal's Supply, terms n/30. 23 (a) Returned $1,000 of defective nerchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by that anount. 23 (b) Received paynent from Page Alistair for the April 13 sale less the discount of $224. 25 26 Purchased $11,780 of nerchandise on credit fron Noth Conpany, terms 2/10, n/60. Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the $252 discount. 27 (a) Sold $3,370 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,400). 27 (b) Sold $6,700 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,170). 30 (a) Issued Check No. 591 for $11,350, payee is Payroll, in payment of the sales salaries expense for the last halt of the nonth. 30 (b) Cash sales for the last half of the month are $70,200 (cost is $66,680). These cash sales are recorded in the cash receipts journal on April 30.
Purchased $14,400 of nerchandise on credit fron Noth Company, terms 2/10, n/Ge. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,100 (cost is $2,700). 3 (b) Purchased $1,540 of office supplies on credit from Custer, Inc. terns n/30. Issued Check No. 587 to World View for advertising expense of $913. Sold nerchandise on credit to Paula Kohr, Invoice No. 761, for $9,500 (cost is $6,700). Returned $95 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. Apr. 2 4 6 Purchased $10,465 of store equipment on credit from Hal's Supply, terms n/30. Sold nerchandise on credit to Nic Nelson, Invoice No. 762, for $13, 200 (cost is $6,900). Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $288. 11 12 13 (a) Received paynent from Page Alistair for the April 3 sale less the discount of $82. 13 (b) Sold $11, 200 of merchandise on credit to Page Alistair (cost is $4,400), Invoice No. 763. Received payment from Paula Kohr for the April 5 sale less the discount of $190. 14 16 (a) Issued Check No. 589 for $11,350, payee is Payroll, in payment of sales salaries expense for the first halt of the nonth. 16 (b) Cash sales for the tirst half of the month are $61,980 (cost is $42,7ee). These cash sales are recorded in the cash receipts journal on April 16. Purchased $13,6ee of nerchandise on credit fron Grant Company, terms 2/10, n/3e. Borrowed $58,000 cash from First State Bank by signing a long-term note payable. 17 18 20 (a) Received paynent from Nic Nelson for the April 11 sale less the discount of $264. 20 (b) Purchased $820 of store supplies on credit from Hal's Supply, terms n/30. 23 (a) Returned $1,000 of defective nerchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by that anount. 23 (b) Received paynent from Page Alistair for the April 13 sale less the discount of $224. 25 26 Purchased $11,780 of nerchandise on credit fron Noth Conpany, terms 2/10, n/60. Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the $252 discount. 27 (a) Sold $3,370 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,400). 27 (b) Sold $6,700 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,170). 30 (a) Issued Check No. 591 for $11,350, payee is Payroll, in payment of the sales salaries expense for the last halt of the nonth. 30 (b) Cash sales for the last half of the month are $70,200 (cost is $66,680). These cash sales are recorded in the cash receipts journal on April 30.
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 8PA: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions...
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Question
Transcribed Image Text:2 & 3. Enter the March 31 balances for Cash ($95.000). Inventory ($153,000), Long-Term Notes Payable ($148,000), and B. Wiset,
Capital ($100,000). Post the total amounts from the Journal In the following general ledger accounts and In the accounts recelvable
subsidiary ledger accounts for Paula Kohr, Page Alistalr, and Nic Nelson.
GENERAL LEDGER
Cash
Accounts Receivable
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Mar. 31
Inventory
Long-Term Notes Payable
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Mar. 31
Mar. 31
B. Wiset, Capital
Sales
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Mar. 31
Sales Discounts
Cost of Goods Sold
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
ACCOUNTS RECEIVABLE LEDGER
Page Alistair
Paula Kohr
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Nic Nelson
Date
Debit
Credit
Balance
![Required Information
[The following 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.
n/30).
Apr. 2
Purchased $14,480 of nerchandise on credit fron Noth Company, terms 2/18, n/60.
3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,100 (cost is $2,700).
3 (b) Purchased $1,540 of office supplies on credit from Custer, Inc. terns n/30.
4
Issued Check No. 587 to World View for advertising expense of $913.
Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,500 (cost is $6,70e).
Returned $95 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by
that amount.
5
6
9
Purchased $10,465 of store equipment on credit from Hal's Supply, terms n/30.
Sold nerchandise on credit to Nic Nelson, Invoice No. 762, for $13,200 (cost is $6,9e0).
Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $288.
11
12
13 (a) Received payment from Page Alistair for the April 3 sale less the discount of $82.
13 (b) Sold $11,200 of merchandise on credit to Page Alistair (cost is $4,400), Invoice No. 763.
Received payment from Paula Kohr for the April 5 sale less the discount of $190.
14
16 (a) Issued Check No. 589 for $11,350, payee is Payroll, in payment of sales salaries expense for the first
half of the nonth.
16 (b) Cash sales for the first half of the month are $61,900 (cost is $42,700). These cash sales are recorded in
the cash receipts journal on April 16.
Purchased $13,600 of nerchandise on credit from Grant Company, terms 2/10, n/30.
Borrowed $58,889 cash from First State Bank by signing a long-term note payable.
17
18
20 (a) Received payment from Nic Nelson for the April 11 sale less the discount of $264.
28 (b) Purchased $820 of store supplies on credit from Hal's Supply, terms n/38.
23 (a) Returned $1,000 of defective nerchandise purchased on April 17 to Grant Company. Wiset reduces accounts
payable by that amount.
23 (b) Received payment from Page Alistair for the April 13 sale less the discount of $224.
Purchased $11,780 of nerchandise on credit fron Noth Company, terms 2/18, n/60.
Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the $252
discount.
25
26
27 (a) Sold $3,378 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,488)-
27 (b) Sold $6,780 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,178).
30 (a) Issued Check No. 591 for $11,350, payee is Payroll, in payment of the sales salaries expense for the last
half of the nonth.
30 (b) Cash sales for the last half of the month are $7e, 200 (cost is $66,600). These cash sales are recorded in
the cash receipts journal on April 30.
Assume that Wiset Co. uses the perpetual Inventory system.
2& 3. Enter the March 31 balances for Cash ($95.000)., Inventory ($153,000), Long-Term Notes Payable ($148,000), and B. Wiset,
Capital ($100,000). Post the total amounts from the Journal In the following general ledger accounts and In the accounts recelvable
subsidiary ledger accounts for Paula Kohr, Page Alistalr, and Nic Nelson.
GENERAL LEDGER
Cash
Accounts Receivable
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Mar. 31
Inventory
Long-Term Notes Payable
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Mar. 31
Mar. 31
B. Wiset, Capital
Sales
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Mar. 31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2F06f83418-5c14-4d93-9339-44151caf4703%2Fu4zxl0f_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following 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.
n/30).
Apr. 2
Purchased $14,480 of nerchandise on credit fron Noth Company, terms 2/18, n/60.
3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,100 (cost is $2,700).
3 (b) Purchased $1,540 of office supplies on credit from Custer, Inc. terns n/30.
4
Issued Check No. 587 to World View for advertising expense of $913.
Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,500 (cost is $6,70e).
Returned $95 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by
that amount.
5
6
9
Purchased $10,465 of store equipment on credit from Hal's Supply, terms n/30.
Sold nerchandise on credit to Nic Nelson, Invoice No. 762, for $13,200 (cost is $6,9e0).
Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $288.
11
12
13 (a) Received payment from Page Alistair for the April 3 sale less the discount of $82.
13 (b) Sold $11,200 of merchandise on credit to Page Alistair (cost is $4,400), Invoice No. 763.
Received payment from Paula Kohr for the April 5 sale less the discount of $190.
14
16 (a) Issued Check No. 589 for $11,350, payee is Payroll, in payment of sales salaries expense for the first
half of the nonth.
16 (b) Cash sales for the first half of the month are $61,900 (cost is $42,700). These cash sales are recorded in
the cash receipts journal on April 16.
Purchased $13,600 of nerchandise on credit from Grant Company, terms 2/10, n/30.
Borrowed $58,889 cash from First State Bank by signing a long-term note payable.
17
18
20 (a) Received payment from Nic Nelson for the April 11 sale less the discount of $264.
28 (b) Purchased $820 of store supplies on credit from Hal's Supply, terms n/38.
23 (a) Returned $1,000 of defective nerchandise purchased on April 17 to Grant Company. Wiset reduces accounts
payable by that amount.
23 (b) Received payment from Page Alistair for the April 13 sale less the discount of $224.
Purchased $11,780 of nerchandise on credit fron Noth Company, terms 2/18, n/60.
Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the $252
discount.
25
26
27 (a) Sold $3,378 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,488)-
27 (b) Sold $6,780 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,178).
30 (a) Issued Check No. 591 for $11,350, payee is Payroll, in payment of the sales salaries expense for the last
half of the nonth.
30 (b) Cash sales for the last half of the month are $7e, 200 (cost is $66,600). These cash sales are recorded in
the cash receipts journal on April 30.
Assume that Wiset Co. uses the perpetual Inventory system.
2& 3. Enter the March 31 balances for Cash ($95.000)., Inventory ($153,000), Long-Term Notes Payable ($148,000), and B. Wiset,
Capital ($100,000). Post the total amounts from the Journal In the following general ledger accounts and In the accounts recelvable
subsidiary ledger accounts for Paula Kohr, Page Alistalr, and Nic Nelson.
GENERAL LEDGER
Cash
Accounts Receivable
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Mar. 31
Inventory
Long-Term Notes Payable
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Mar. 31
Mar. 31
B. Wiset, Capital
Sales
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Mar. 31
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