Solved by verified expert :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 $14,500 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60.3 Sold merchandise on credit to Brooke Page Alistair, Invoice No. 760, for $5,100 (cost is $2,100).3 Purchased $1,480 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, $927.5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,400 (cost is $7,600).6 Received an $95 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3.9 Purchased $10,995 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 $13,200 (cost is $7,500).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 $8,500 of merchandise on credit to Page Alistair (cost is $4,300), 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, $9,200. Cashed the check and paid employees.16 Cash sales for the first half of the month are $61,990 (cost is $41,200). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.)17 Purchased $11,200 of merchandise on credit from Grant Company, invoice dated April 17, terms 2/10, n/30.18 Borrowed $58,000 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 $970 of store supplies on credit from Hal’s Supply, invoice dated April 19, terms n/10 EOM.23 Received a $800 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 $11,290 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 $3,080 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,640).27 Sold $9,700 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $5,110).30 Issued Check No. 591, payable to Payroll, in payment of the sales salaries expense for the last half of the month, $9,200.30 Cash sales for the last half of the month are $78,100 (cost is $65,200).Assume that Wiset Co. uses the perpetual inventory system. Prepare Journal entries.
