Question

Required Information [The following information applies to the questions displayed below.] Wiset Company completes these tranRequired: 1-a. Enter the transaction of the Wiset Company that should be journalized in the sales journal. 1-b. Enter the traRequired: 1-a. Enter the transaction of the Wiset Company that should be journalized in the sales journal. 1-b. Enter the tra

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Solution.

SALES JOURNAL
Date Account Debited Invoices No. Account Receivable Dr. Cost of Goods Sold Dr.
Sales Cr. Inventory Cr.
3-Apr Account Receivable 760 $                            4,000 $                             3,000
5-Apr Account Receivable 761 $                            8,000 $                             6,500
11-Apr Account Receivable 762 $                          10,500 $                             7,000
13-Apr Account Receivable 763 $                            5,100 $                             3,600
27-Apr Account Receivable 764 $                            3,170 $                             2,520
27-Apr Account Receivable 765 $                            6,700 $                             4,305
30-Apr Total $ 37,470 $ 26,925
CASH RECEIPTS JOURNAL
Date Account Credited Cash Sales Account   Sales Other Cost of Goods Sold Dr.
Dr. Discount   Dr. Receivable Cr. Cr. Assets Cr. Inventory Cr.
13-Apr Account Receivable $        3,920 $                 80 $             4,000 $                            3,000
14-Apr Account Receivable $        7,840 $               160 $             8,000 $                            6,500
16-Apr Sales $      52,840 $      52,840 $                          35,880
20-Apr Account Receivable $      10,290 $               210 $           10,500 $                            7,000
23-Apr Account Receivable $        4,998 $               102 $             5,000 $                            3,600
30-Apr Sales $      73,975 $      73,975 $                          58,900
30-Apr Total $ 153,863 $ 552 $ 27,500 $ 126,815 $ 114,880
Add a comment
Know the answer?
Add Answer to:
Required Information [The following information applies to the questions displayed below.] Wiset Company completes these transactions...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Answer the whole question, please. Wiset Company completes these transactions during April of the current year...

    Answer the whole question, please. 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 $15,100 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60. 3 (a) Sold merchandise on credit to Page Alistair, Invoice No. 760, for $4,600 (cost is $3,500). 3 (b) Purchased $1,550 of office supplies on credit from Custer, Inc. Invoice dated April 2, terms n/10 EOM....

  • Wiset Company completes these transactions during April of the current year (the terms of all its...

    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 $15,100 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 $5,500 (cost is $3,500). 3 Purchased $1,400 of office supplies on credit from Custer, Inc. Invoice dated April 2, terms n/10 EOM. 4 Issued Check No. 587 to World...

  • Problem 7-3A Special journals, subsidiary ledgers, and schedule of accounts payable-perpetual LO ...

    Problem 7-3A Special journals, subsidiary ledgers, and schedule of accounts payable-perpetual LO C3, P1, P2 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 $15,800 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 $5,600 (cost is $2,800). 3 Purchased $1,590 of office supplies on credit from Custer,...

  • Problem 7-3A Special journals, subsidiary ledgers, and schedule of accounts payable-perpetual LO C3, P1, P2 Wiset...

    Problem 7-3A Special journals, subsidiary ledgers, and schedule of accounts payable-perpetual LO C3, P1, P2 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 $16,000 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 $5,900 (cost is $2,800). 3 Purchased $1,590 of office supplies on credit from Custer,...

  • Wiset Company completes these transactions during April of the current year (the terms of all its...

    Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30).Required1. Prepare a sales journal and cash receipts journal. Number both journal pages as page 3. Enter the transactions of Wiset Company that should be journalized in the sales journal and those that should be journalized in the cash receipts journal. Ignore transactions that should be journalized in a purchases journal, cash payments journal, or general journal.2. Open the following...

  • [The following information applies to the questions displayed below.) Church Company completes these transactions and events...

    [The following information applies to the questions displayed below.) Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $37,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $14,800 (cost is $7,400). 3 (a) Purchased $1,110 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10...

  • [The following information applies to the questions displayed below.] Church Company completes these transactions and events...

    [The following information applies to the questions displayed below.] Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $37,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $14,800 (cost is $7,400). 3 (a) Purchased $1,110 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10...

  • Hel Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general...

    Hel Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $11,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $940 to G. Seles for $1,700 on credit subject to a $32 sales discount if paid by the end of the month. 14 Purchased $260 of store supplies from Chang Company on credit, terms...

  • Exercise 7-6 Company uses special journals and a general journal. The following transactions occurred during September...

    Exercise 7-6 Company uses special journals and a general journal. The following transactions occurred during September 2017. 2 Sold merchandise on account to H. Drew, invoice no. 101, s620, terms n/30. The cost of the merchandise sold was $420. 10 Purchased merchandise on account from A. Pagan $650, terms 2/10, n/30. 12 Purchased office equipment on account from R. Cairo $6,500. 21 Sold merchandise on account to G. Holliday, invoice no. 102 for $800, terms 2/10, n/30. The cost of...

  • Church Company completes these transactions and events during March of the current year (terms for all...

    Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, /30). S 2/15, n e Mar. Purchased $34,000 of merchandise from Van Industries, terms 2/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $13,600 (cost is $6,800). 3 (a) Purchased $1,020 of office supplies on credit from Gabel Company, terms 'n/30. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT