Wiset Company completes these transactions during April of thecurrent year (the terms of all its credit sales are 2/10,n/30).
  

Apr.		2				Purchased $14,300 of merchandise oncredit from Noth Company, invoice dated April 2, terms 2/10,n/60.
		3		(a)		Sold merchandise on credit to PageAlistair, Invoice No. 760, for $4,000 (cost is $3,000).
		3		(b)		Purchased $1,480 of office supplieson credit from Custer, Inc. Invoice dated April 2, terms n/10EOM.
		4				Issued Check No. 587 to World Viewfor advertising expense, $899.
		5				Sold merchandise on credit to PaulaKohr, Invoice No. 761, for $8,000 (cost is $6,500).
		6				Received an $80 credit memorandumfrom Custer, Inc., for the return of some of the office suppliesreceived on April 3.
		9				Purchased $12,125 of storeequipment on credit from Hal’s Supply, invoice dated April 9, termsn/10 EOM.
		11				Sold merchandise on credit to NicNelson, Invoice No. 762, for $10,500 (cost is $7,000).
		12				Issued Check No. 588 to NothCompany in payment of its April 2 invoice less the discount.
		13		(a)		Received payment from Page Alistairfor the April 3 sale less the discount.
		13		(b)		Sold $5,100 of merchandise oncredit to Page Alistair (cost is $3,600), Invoice No. 763.
		14				Received payment from Paula Kohrfor the April 5 sale less the discount.
		16		(a)		Issued Check No. 589, payable toPayroll, in payment of sales salaries expense for the first half ofthe month, $10,750. Cashed the check and paid employees.
		16		(b)		Cash sales for the first half ofthe month are $52,840 (cost is $35,880). (Cash sales are recordeddaily from cash register data but are recorded only twice in thisproblem to reduce repetitive entries.)
		17				Purchased $13,750 of merchandise oncredit from Grant Company, invoice dated April 17, terms 2/10,n/30.
		18				Borrowed $60,000 cash from FirstState Bank by signing a long-term note payable.
		20		(a)		Received payment from Nic Nelsonfor the April 11 sale less the discount.
		20		(b)		Purchased $830 of store supplies oncredit from Hal’s Supply, invoice dated April 19, terms n/10EOM.
		23		(a)		Received a $750 credit memorandumfrom Grant Company for the return of defective merchandise receivedon April 17.
		23		(b)		Received payment from Page Alistairfor the April 13 sale less the discount.
		25				Purchased $11,375 of merchandise oncredit from Noth Company, invoice dated April 24, terms 2/10,n/60.
		26				Issued Check No. 590 to GrantCompany in payment of its April 17 invoice less the return and thediscount.
		27		(a)		Sold $3,170 of merchandise oncredit to Paula Kohr, Invoice No. 764 (cost is $2,520).
		27		(b)		Sold $6,700 of merchandise oncredit to Nic Nelson, Invoice No. 765 (cost is $4,305).
		30		(a)		Issued Check No. 591, payable toPayroll, in payment of the sales salaries expense for the last halfof the month, $10,750.
		30		(b)		Cash sales for the last half of themonth are $73,975 (cost is $58,900).

Required:

1-a.Review the transactions of Wiset Company and enter those thatshould be journalized in the sales journal.
1-b. Review the transactions of Wiset Company andenter those that should be journalized in the cash receiptsjournal. The terms of all credit sales are 2/10, n/30. Prepare ageneral ledger

2 &3. Enter the March 31 balances for Cash ($85,000),Inventory ($125,000), Long-Term Notes Payable ($110,000), and B.Wiset, Capital ($100,000). Post the total amounts from the journalin the following general ledger accounts and in the accountsreceivable subsidiary ledger accounts for Paula Kohr, PageAlistair, and Nic Nelson.

4-a.Prepare a trial balance of the general ledger.
4-b. Prepare a schedule of accountsreceivable.