At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $2,500; Inventory $3,500; and Common Stock $6,000. The following transactions were completed during April 2017.
April
5 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,500, terms 3/10, n/60.
7 Paid freight on Arnie purchase $80.
9 Received credit from Arnie Co. for merchandise returned $200
10 Sold merchandise on account to members $1,340, terms n/30. The merchandise sold had a cost of $820.
12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $830, terms 1/10, n30.
14 Paid Arnie Co. in full.
17 Received credit from Woods Sportswear for merchandise returned $30.
20 Made sales on account to members $810, terms n/30. The cost of the merchandise sold was $550.
21 Paid Woods Sportswear in full
27 Granted an allowance to members for clothing that did not fit properly $80.
30 Received payments on account from members $1,220
1. Journalize the April transactions using a perpetual inventory system.
2. Using T-accounts, enter the beginning balances in the ledger accounts and post the April transactions.
Answers: 3
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At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash...
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