Wiset Company completes these transactions during April of the current year (the terms of all Its credit sales are 2/10, n30). Purchased $14, 200 of nerchandise on credit from Noth Conpany, terms 2/1e, n/6e. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,200 (cost is $3,700). 3 (b) Purchased $1,410 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $915. Sold nerchandise on credit to Paula Kohr, Invoice No. 761, for $18,000 (cost is $7,288). Returned $70 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that anount. Purchased $18,510 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $13,680 (cost is $7,1ee). Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of $284. Apr. 2 4 6 9 11 12 13 (a) Received payment from Page Alistair for the April 3 sale less the discount of $84. 13 (b) Sold $6,800 of merchandise on credit to Page Alistair (cost is $4,480), Invoice No. 763. 14 Received payment from Paula Kohr for the April 5 sale less the discount of $200. 16 (a) Issued Check No. 589 for $11,200, payee is Payroll, in payment of sales salaries expense for the first half of the month. 16 (b) Cash sales for the first half of the month are $s2,310 (cost is $42,6ee). These cash sales are recorded in the cash receipts Journal on April 16. Purchased $14.200 of nerchandise on credit fron Grant Company, terms 2/10, n/30. 17
Wiset Company completes these transactions during April of the current year (the terms of all Its credit sales are 2/10, n30). Purchased $14, 200 of nerchandise on credit from Noth Conpany, terms 2/1e, n/6e. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,200 (cost is $3,700). 3 (b) Purchased $1,410 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $915. Sold nerchandise on credit to Paula Kohr, Invoice No. 761, for $18,000 (cost is $7,288). Returned $70 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that anount. Purchased $18,510 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $13,680 (cost is $7,1ee). Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of $284. Apr. 2 4 6 9 11 12 13 (a) Received payment from Page Alistair for the April 3 sale less the discount of $84. 13 (b) Sold $6,800 of merchandise on credit to Page Alistair (cost is $4,480), Invoice No. 763. 14 Received payment from Paula Kohr for the April 5 sale less the discount of $200. 16 (a) Issued Check No. 589 for $11,200, payee is Payroll, in payment of sales salaries expense for the first half of the month. 16 (b) Cash sales for the first half of the month are $s2,310 (cost is $42,6ee). These cash sales are recorded in the cash receipts Journal on April 16. Purchased $14.200 of nerchandise on credit fron Grant Company, terms 2/10, n/30. 17
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning