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Category > Accounting Posted 24 Sep 2017 My Price 10.00

Wise Company

post this informationinto the following accounts cash receipt journal, sales journal, trail balance, accounts recievables and general ledger

Wise 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 $15,000 of merchandise on credit from Negi Company, invoice dated April 2, terms 2/10, n/60.
3   Sold merchandise on credit to Brooke Sledd, Invoice No. 760, for $4,500 (cost is $2,800).
3  

Purchased $1,470 of office supplies on credit from Madison, Inc. Invoice dated April 2, terms n/10 EOM.
4   Issued Check No. 587 to U.S. View for advertising expense, $902.
5   Sold merchandise on credit to Paul Kohr, Invoice No. 761, for $9,200 (cost is $6,600).
6  

Received an $75 credit memorandum from Madison, Inc., for the return of some of the office supplies received on April 3.
9  

Purchased $10,235 of store equipment on credit from Ned's Supply, invoice dated April 9, terms n/10 EOM.
11   Sold merchandise on credit to Amy Nilson, Invoice No. 762, for $10,100 (cost is $6,900).
12   Issued Check No. 588 to Negi Company in payment of its April 2 invoice, less the discount.
13   Received payment from Brooke Sledd for the April 3 sale, less the discount.
13   Sold $11,700 of merchandise on credit to Brooke Sledd (cost is $5,100), Invoice No. 763.
14   Received payment from Paul 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, $9,450. Cashed the check and paid employees.
16  

Cash sales for the first half of the month are $52,430 (cost is $40,200). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.)
17  

Purchased $13,200 of merchandise on credit from Price Company, invoice dated April 17, terms 2/10, n/30.
18   Borrowed $59,000 cash from First State Bank by signing a long-term note payable.
20   Received payment from Amy Nilson for the April 11 sale, less the discount.
20  

Purchased $1,060 of store supplies on credit from Ned's Supply, invoice dated April 19, terms n/10 EOM.
23  

Received a $1,200 credit memorandum from Price Company for the return of defective merchandise received on April 17.
23  

Received payment from Brooke Sledd for the April 13 sale, less the discount.
25  

Purchased $11,130 of merchandise on credit from Negi Company, invoice dated April 24, terms 2/10, n/60.
26  

Issued Check No. 590 to Price Company in payment of its April 17 invoice, less the return and the discount.
27   Sold $3,300 of merchandise on credit to Paul Kohr, Invoice No. 764 (cost is $2,740).
27   Sold $8,100 of merchandise on credit to Amy Nilson, Invoice No. 765 (cost is $4,240).
30  

Issued Check No. 591, payable to Payroll, in payment of the sales salaries expense for the last half of the month, $9,450.
30   Cash sales for the last half of the month are $73,500 (cost is $59,400).

 

Assume that Wise Co. uses the perpetual inventory system.

references

1.value:
1.00 points

Problem 7-1A Part 1

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 05:09 PM My Price 10.00

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