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Problem 7-1A Special journals, subsidiary ledgers, and schedule

Customer Question

Problem 7-1A Special journals, subsidiary ledgers, and schedule of accounts receivable-perpetual L.O. C3, P1, P2
[The following information applies to the questions displayed below.]

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 $16,000 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 $4,600 (cost is $2,900).
3

Purchased $1,560 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, $943.
5 Sold merchandise on credit to Paul Kohr, Invoice No. 761, for $9,100 (cost is $6,500).
6

Received an $90 credit memorandum from Madison, Inc., for the return of some of the office supplies received on April 3.
9

Purchased $10,025 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 $12,000 (cost is $6,200).
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 $10,200 of merchandise on credit to Brooke Sledd (cost is $3,200), 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, $9,300. Cashed the check and paid employees.
16

Cash sales for the first half of the month are $55,850 (cost is $40,000). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.)
17

Purchased $11,900 of merchandise on credit from Price Company, invoice dated April 17, terms 2/10, n/30.
18 Borrowed $64,000 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 $900 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 $11,635 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 $3,340 of merchandise on credit to Paul Kohr, Invoice No. 764 (cost is $2,560).
27 Sold $9,400 of merchandise on credit to Amy Nilson, Invoice No. 765 (cost is $4,725).
30

Issued Check No. 591, payable to Payroll, in payment of the sales salaries expense for the last half of the month, $9,300.
30 Cash sales for the last half of the month are $79,700 (cost is $60,100).

Assume that Wise Co. uses the perpetual inventory system.


1) Required:
1.1 Review the transactions of Wise Company and enter those that should be journalized in the sales journal. (Record the transactions in the given order. Omit the "$" sign in your response.)

2)1.2 ...Review the transactions of Wise Company and enter those that should be journalized in the cash receipts journal.(Record the transactions in the given order. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

3)Problem 7-1A Part 2
2. Enter the March 31 balances for Cash ($96,000), Inventory ($153,000), Long-Term Notes Payable ($149,000), and B. Wise, Capital ($100,000). Post the total amounts from the journal in the following general ledger accounts and in the accounts receivable subsidiary ledger accounts for Paul Kohr, Brooke Sledd, and Amy Nilson. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

4)Problem 7-1A Part 4
4. Prepare a trial balance of the general ledger. (The items in the Trial Balance should be grouped as follows: Assets (in order of their liquidity), Liabilities (in order of their liquidity), Equity, Revenues, and Expenses. Omit the "$" sign in your response.)
Submitted: 1 year ago.
Category: Multiple Problems
Expert:  DanielleCPA replied 1 year ago.
Welcome and thanks for your question!

Is there an Excel template that you are supposed to use to answer this question? Or is just any format fine?
Customer: replied 1 year ago.







































































DateAccount DebitedInvoice NumberAccounts Receivable Dr.
Sales Cr.
Cost of Goods Sold Dr.
Inventory Cr.


Apr. 30 Totals














1.2

Review the transactions of Wise Company and enter those that should be journalized in the cash receipts journal.(Record the transactions in the given order. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)









































































CASH RECEIPTS JOURNAL

Date



Account Credited



Cash Dr.



Sales Discounts Dr.



Accounts Receivable Cr.



Sales Cr.



Other Accts. Cr.



Cost of Goods Sold Dr. Inventory Cr.








Apr. 30 Totals



















2.

value:
1.00 points





Problem 7-1A Part 2










2.

Enter the March 31 balances for Cash ($96,000), Inventory ($153,000), Long-Term Notes Payable ($149,000), and B. Wise, Capital ($100,000). Post the total amounts from the journal in the following general ledger accounts and in the accounts receivable subsidiary ledger accounts for Paul Kohr, Brooke Sledd, and Amy Nilson. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)


































GENERAL LEDGER
Cash
DateDebitCreditBalance
Mar.31
Apr.30




























Accounts Receivable
DateDebitCreditBalance
Apr.30
30





































Inventory
DateDebitCreditBalance
Mar.31
Apr.30 Credit sales
30 Cash sales





























Long-Term Notes Payable
DateDebitCreditBalance
Mar.31
Apr.18






















B. Wise, Capital
DateDebitCreditBalance
Mar.31






























Sales
DateDebitCreditBalance
Apr.30 Credit sales
30 Cash sales






















Sales Discounts
DateDebitCreditBalance
Apr.30

































Cost of Goods Sold
DateDebitCreditBalance
Apr.30 Credit sales
30 Cash sales






































ACCOUNTS RECEIVABLE LEDGER
Paul Kohr
DateDebitCreditBalance
Apr.5
14
27








































Brooke Sledd
DateDebitCreditBalance
Apr.3
13
13
23





































Amy Nilson
DateDebitCreditBalance
Apr.11
20
27










3.

value:
1.00 points





Problem 7-1A Part 4










4.

Prepare a trial balance of the general ledger. (The items in the Trial Balance should be grouped as follows: Assets (in order of their liquidity), Liabilities (in order of their liquidity), Equity, Revenues, and Expenses. Omit the "$" sign in your response.)










































































WISE COMPANY
Trial Balance
April 30
DebitCredit
$
$


Totals$ $












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Expert:  Manal Elkhoshkhany replied 1 year ago.

Hello hype

 

I can help, but please advise your deadline. Also, do you have an excel template to use for answering the problem?

Customer: replied 1 year ago.

the only thing i have is what i give you

Expert:  Manal Elkhoshkhany replied 1 year ago.

ok, when is the deadline please?

 

Also, please note that the amount you are offering would not compensate for the work involved. Please increase your offer to at least $80

 

If you are not willing to increase the offer, please advise

 

Thank you

Customer: replied 1 year ago.

$80 is too much.. and i will like to cancel the order

Expert:  Manal Elkhoshkhany replied 1 year ago.

You do not need to, I will opt out and you can leave the question open, another expert might help for the amount offered.

 

Would you like to keep the post open?

Customer: replied 1 year ago.

no you can close it

Expert:  Manal Elkhoshkhany replied 1 year ago.

Ok :)

 

All the best

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