Purchased $14,400 of nerchandise on credit fron Noth Company, terms 2/10, n/Ge. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,100 (cost is $2,700). 3 (b) Purchased $1,540 of office supplies on credit from Custer, Inc. terns n/30. Issued Check No. 587 to World View for advertising expense of $913. Sold nerchandise on credit to Paula Kohr, Invoice No. 761, for $9,500 (cost is $6,700). Returned $95 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. Apr. 2 4 6 Purchased $10,465 of store equipment on credit from Hal's Supply, terms n/30. Sold nerchandise on credit to Nic Nelson, Invoice No. 762, for $13, 200 (cost is $6,900). Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $288. 11 12 13 (a) Received paynent from Page Alistair for the April 3 sale less the discount of $82. 13 (b) Sold $11, 200 of merchandise on credit to Page Alistair (cost is $4,400), Invoice No. 763. Received payment from Paula Kohr for the April 5 sale less the discount of $190. 14 16 (a) Issued Check No. 589 for $11,350, payee is Payroll, in payment of sales salaries expense for the first halt of the nonth. 16 (b) Cash sales for the tirst half of the month are $61,980 (cost is $42,7ee). These cash sales are recorded in the cash receipts journal on April 16. Purchased $13,6ee of nerchandise on credit fron Grant Company, terms 2/10, n/3e. Borrowed $58,000 cash from First State Bank by signing a long-term note payable. 17 18 20 (a) Received paynent from Nic Nelson for the April 11 sale less the discount of $264. 20 (b) Purchased $820 of store supplies on credit from Hal's Supply, terms n/30. 23 (a) Returned $1,000 of defective nerchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by that anount. 23 (b) Received paynent from Page Alistair for the April 13 sale less the discount of $224. 25 26 Purchased $11,780 of nerchandise on credit fron Noth Conpany, terms 2/10, n/60. Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the $252 discount. 27 (a) Sold $3,370 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,400). 27 (b) Sold $6,700 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,170). 30 (a) Issued Check No. 591 for $11,350, payee is Payroll, in payment of the sales salaries expense for the last halt of the nonth. 30 (b) Cash sales for the last half of the month are $70,200 (cost is $66,680). These cash sales are recorded in the cash receipts journal on April 30.
Purchased $14,400 of nerchandise on credit fron Noth Company, terms 2/10, n/Ge. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,100 (cost is $2,700). 3 (b) Purchased $1,540 of office supplies on credit from Custer, Inc. terns n/30. Issued Check No. 587 to World View for advertising expense of $913. Sold nerchandise on credit to Paula Kohr, Invoice No. 761, for $9,500 (cost is $6,700). Returned $95 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. Apr. 2 4 6 Purchased $10,465 of store equipment on credit from Hal's Supply, terms n/30. Sold nerchandise on credit to Nic Nelson, Invoice No. 762, for $13, 200 (cost is $6,900). Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $288. 11 12 13 (a) Received paynent from Page Alistair for the April 3 sale less the discount of $82. 13 (b) Sold $11, 200 of merchandise on credit to Page Alistair (cost is $4,400), Invoice No. 763. Received payment from Paula Kohr for the April 5 sale less the discount of $190. 14 16 (a) Issued Check No. 589 for $11,350, payee is Payroll, in payment of sales salaries expense for the first halt of the nonth. 16 (b) Cash sales for the tirst half of the month are $61,980 (cost is $42,7ee). These cash sales are recorded in the cash receipts journal on April 16. Purchased $13,6ee of nerchandise on credit fron Grant Company, terms 2/10, n/3e. Borrowed $58,000 cash from First State Bank by signing a long-term note payable. 17 18 20 (a) Received paynent from Nic Nelson for the April 11 sale less the discount of $264. 20 (b) Purchased $820 of store supplies on credit from Hal's Supply, terms n/30. 23 (a) Returned $1,000 of defective nerchandise purchased on April 17 to Grant Company. Wiset reduces accounts payable by that anount. 23 (b) Received paynent from Page Alistair for the April 13 sale less the discount of $224. 25 26 Purchased $11,780 of nerchandise on credit fron Noth Conpany, terms 2/10, n/60. Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the $252 discount. 27 (a) Sold $3,370 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,400). 27 (b) Sold $6,700 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,170). 30 (a) Issued Check No. 591 for $11,350, payee is Payroll, in payment of the sales salaries expense for the last halt of the nonth. 30 (b) Cash sales for the last half of the month are $70,200 (cost is $66,680). These cash sales are recorded in the cash receipts journal on April 30.
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...
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