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 $14,300 of merchandise on credit from Noth Company, terms 2/10, n/60. 3 (a) Sold merchandise on credit to Page Alistair, Invoice No. 760, for $4,000 (cost is $3,000). 3 (b) Purchased $1,480 of office supplies on credit from Custer, Inc. terms n/30. 4 Issued Check No. 587 to World View for advertising expense of $899. 5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,000 (cost is $6,500). 6 Received an $80 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3
9 Purchased $12,125 of store equipment on credit from Hal's Supply, invoice dated April 9, terms n/10 EOM
11 Sold merchandise on credit to Nick Nelson, Invoice No. 762, for $10,500 (cost is $7,000)
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 $5,100 of merchandise on credit to Page Alistair (cost is $3,600), 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, $10,750. Cashed the check and paid employees
16 Cash sales for the first half of the month are $52,840 (cost is $35,880). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.)Page 331
17 Purchased $13,750 of merchandise on credit from Grant Company, invoice dated April 17, terms 2/10, n/30
18 Borrowed $60,000 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 $830 of store supplies on credit from Hal's Supply, invoice dated April 19, terms n/10 EOM
23 Received a $750 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 $11,375 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 $3,170 0f merchandise on credit to Paula Kohr, invoice No 764(cost is 2,520)
27 sold $6,700 of merchandise on credit to Nick Nelson, invoice No 765(cost is $4,305)
30 issued check No 591, payable to payroll, in payment of the sale salaries expense for the last half of the month,$10,750
30 Cash sales for the last half of the month are $73,975 (cost is$58,900)
Required:
Journalize the above transactions.

Answer 1

The journal entries for the April transactions of Wiset Company are as follows:

Journal Entries:

Apr. 2 Debit Inventory $14,300

Credit Accounts Payable (Noth Company) $14,300

Apr. 3 (a) Debit Accounts Receivable (Page Alistair) $4,000

Credit Sales Revenue $4,000

Debit Cost of goods sold $3,000

Credit Inventory $3,000

Apr. 3 (b) Debit Office Supplies $1,480

Credit Accounts Payable (Custer, Inc.) $1,480

Apr. 4 Debit Advertising Expense $899

Credit Cash $899

Apr. 5 Debit Accounts Receivable (Paula Kohr) $8,000

Credit Sales Revenue $8,000

Debit Cost of goods sold $6,500

Credit Inventory $6,500

Apr. 6 Debit Accounts Payable (Custer, Inc.) $80

Credit Inventory $80

Apr. 9 Debit Store Equipment $12,125

Credit Accounts Payable (Hal's Supply) $12,125

Apr. 11 Debit Accounts Receivable (Nick Nelson) $10,500

Credit Sales Revenue $10,500

Debit Cost of goods sold $7,000

Credit Inventory $7,000

Apr. 12 Debit Accounts Payable (Noth Company) $14,300

Credit Cash Discounts $286

Credit Cash $14,014

Apr. 13 Debit Cash $3,920

Debit Cash Discounts $80

Credit Accounts Receivable (Page Alistair) $4,000

Apr. 13 Debit Accounts Receivable (Page Alistair) $5,100

Credit Sales Revenue $5,100

Debit Cost of goods sold $3,600

Credit Inventory $3,600

Apr. 14 Debit Cash $7,840

Debit Cash Discounts $160

Credit Accounts Receivable (Paula Kohr) $8,000

Apr. 16 Debit Sales Salaries Expense $10,750

Credit Cash $10,750

Apr. 16 Debit Cash sales $52,840

Credit Sales Revenue $52,840

Debit Cost of goods sold $35,880

Credit Inventory $35,880

Apr. 17 Debit Inventory $13,750

Credit Accounts Payable (Grant Company) $13,750

Apr. 18 Debit Cash $60,000

Credit Long-term Note Payable (First State Bank) $60,000

Apr. 20 Debit Cash $10,290

Debit Cash Discount $210

Credit Accounts Receivable (Nick Nelson) $10,500

Apr. 20 Debit Store Supplies $830

Credit Accounts Payable (Hal's Supply) $830

Apr. 23 Debit Accounts Payable (Grant Company) $750

Credit Inventory $750

Apr. 23 Debit Cash $4,998

Debit Cash Discounts $102

Credit Accounts Receivable (Page Alistair) $5,100

Apr. 25 Debit Inventory $11,375

Credit Accounts Payable (Noth Company) $11,375

Apr. 26 Debit Accounts Payable (Grant Company) $13,000

Credit Cash $12,740

Credit Cash Discounts $260

Apr. 27 Debit Accounts Receivable (Paula Kohr) $3,170
Credit Sales Revenue $3,170

Debit Cost of goods $2,520

Credit Inventory $2,520

Apr. 27 Debit Accounts Receivable (Nick Nelson) $6,700

Credit Sales Revenue $6,700

Invoice No 765 Terms 2/10, n/30

Debit Cost of goods sold $4,305

Credit Inventory $4,305

Apr. 30 Debit Sales Salaries Expense $10,750

Credit Cash $10,750

Apr. 30 Debit Cash $73,975

Credit Sales Revenue $73,975

Debit Cost of goods $58,900

Credit Inventory $58,900

The Transaction Analysis is attached as a word doc. (5,000 characters limit).

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