Question

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 $14,600 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 $4,700 (cost is $2,500).
		3		Purchased $1,440 of office supplies on credit from Custer, Inc. Invoice dated April 2, terms n/10 EOM.
		4		Issued Check No. 587 to World View for advertising expense, $934.
		5		Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,100 (cost is $6,100).
		6		Received an $95 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3.
		9		Purchased $11,240 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 $12,700 (cost is $6,700).
		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 $9,500 of merchandise on credit to Page Alistair (cost is $4,100), 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, $10,550. Cashed the check and paid employees.
		16		Cash sales for the first half of the month are $55,380 (cost is $42,900). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.)
		17		Purchased $11,500 of merchandise on credit from Grant Company, invoice dated April 17, terms 2/10, n/30.
		18		Borrowed $61,000 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 $890 of store supplies on credit from Hal’s Supply, invoice dated April 19, terms n/10 EOM.
		23		Received a $1,000 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 $11,865 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 $3,360 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,430).
		27		Sold $6,500 of merchandise on credit to Nic Nelson, 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, $10,550.
		30		Cash sales for the last half of the month are $76,200 (cost is $67,200).

Assume that Wiset Co. uses the perpetual inventory system.

     
Required:

1-a. Review the April transactions of Wiset Company and enter those transactions that should be journalized in the purchases journal.
1-b. Review the April transactions of Wiset Company and enter those transactions that should be journalized in the cash disbursements journal.
1-c. Prepare a general journal. Review the April transactions of Wiset Company and enter those transactions that should be journalized in the general journal.
2 & 3. Enter the March 31 balances of Cash ($96,000), Inventory ($137,000), Long-Term Notes Payable ($133,000), and B. Wiset, Capital ($100,000). Post the total amounts from the journal in the following general ledger accounts and in the accounts payable subsidiary ledger accounts for Hal’s Supply, Noth Company, Grant Company and Custer, Inc.
4-a. Prepare a trial balance.
4-b. Prepare a schedule of accounts payable.

need help on all of them

Answer 1

PURCHASES JOURNAL
Date	Account	Date of Invoice	Terms	PR	Accounts Payable Cr.	Purchases Dr.	Office Supplies Dr.	Other Accounts Dr.
Apr. 2	Noth Company	4/2	2/10, n/60	$	14,600	14,600
3	Office Supplies/Custer Inc.	4/2	n/10, EOM	$	1,460		1,460
9	Store Equip./Hal’s Supply	4/9	n/10, EOM	$	11,240			11,240
17	Grant Company	4/17	2/10, n/30	$	11,500	11,500
20	Store Supplies/Hal’s Supply	4/19	n/10, EOM	$	890			890
25	Noth Company	4/24	2/10, n/60	$	11,865	11,865	____	_____
	Totals				51,555	37,965	1,460	12,130

CASH DISBURSEMENTS JOURNAL
Date	Ck. No.	Payee	Account Debited	PR	Cash Cr.	Purchases Discount Cr.	Other Accounts Dr.	Accounts Payable Dr.
Apr. 4	587	World View	Advertising Expense	$	934		934
12	588	north company	Noth Company	$	14308	292		14,600
16	589	Payroll	Sales Salaries Expense	$	10,550		10,550
26	590	Grant Company	Grant Company	$	11,270	230		11,500
30	591	Payroll	Sales Salaries Expense	621	10,550	___	10,550	_____
30		Totals			47,612	522	22,034	26,100

GENERAL JOURNAL

	GENERAL LEDGER
Cash
Date	Explanation	PR	Debit	Credit	Balance
Mar. 31					96,000
Apr. 30		D3		47,612	48,388

Inventory
Date	Explanation	PR	Debit	Credit	Balance
Mar. 31					137,000

Office Supplies
Date	Explanation	PR	Debit	Credit	Balance
Apr.   3			1,440		1,440
6				95	1,345

Store Supplies
Date	Explanation	PR	Debit	Credit	Balance
Apr. 20			890		890

Store Equipment
Date	Explanation	PR	Debit	Credit	Balance
Apr.   9			11,240		11,240

Accounts Payable
Date	Explanation	PR	Debit	Credit	Balance
Apr.   6			95		(95)
23			1000		(1095)
30				51,555	50,460
30			26,100		24,360

Long-Term Notes Payable
Date	Explanation	PR	Debit	Credit	Balance
Mar. 31					233,000

Purchases
Date	Explanation	PR	Debit	Credit	Balance
Apr. 30			37,965		37,965

Purchase Returns and Allowances
Date	Explanation	PR	Debit	Credit	Balance
Apr. 23	185	185/		1185	1,185

Purchases Discounts
Date	Explanation	PR	Debit	Credit	Balance
Apr. 30				522	522

Sales Salaries Expense
Date	Explanation	PR	Debit	Credit	Balance
Apr. 16			10,550		10,550
30			10,550		21,100

Advertising Expense	Acct. No. 655
Date	Explanation	PR	Debit	Credit	Balance
Apr.   4			934		934

Custer, Inc.
Date	Explanation	PR	Debit	Credit	Balance
Apr.   3				1,440	1,440
6			95		1,345

Grant Company
Date	Explanation	PR	Debit	Credit	Balance
Apr. 17				11,500	11,500
23			1000		10,500
26			10,500

Hal’s Supply
Date	Explanation	PR	Debit	Credit	Balance
Apr.   9				11,240	11,240
20				1095	12,335

Noth Company
Date	Explanation	PR	Debit	Credit	Balance
Apr.   2		P3		14,600	14,600
12		D3	14,600		0
25		P3		11,865	11,865

WISET COMPANY Trial Balance April 30                   Debits                 Credits
Cash	$ 48,388
Inventory	137,000
Office supplies	1,345
Store supplies	1095
Store equipment	11,240
Accounts payable		$ 24,360
Long-term notes payable		233,000
Purchases	37,965
Purchases returns and allowances		1,185
Purchases discounts		522
Sales salaries expense	21,100
Advertising expense	934	_______
Totals	$259,067	$259,067

WISET COMPANY

Schedule of Accounts Payable

April 30

Custer, Inc.	$ 1345
Hal’s Supply	12335
Noth Company .	11865
Total accounts payable	$25545