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. |
1.00 points
Problem 7-1A Part 1
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