At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop
Question:
At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $2,940; Inventory $3,500; and Common Stock $6,440. The following transactions were completed during April 2017.
Apr, 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $2,000, terms 2/10, n/60.
7 Paid freight on Arnie purchase $80.
9 Received credit from Arnie Co. for merchandise returned $600.
10 Sold merchandise on account to members $1,390, terms n/30. The merchandise sold had a cost of $750.
12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1,070, terms 1/10, n/30.
14 Paid Arnie Co. In full.
17 Received credit from Woods Sportswear for merchandise returned $70.
20 Made sales on account to members $930, 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 $75.
30 Received payments on account from members $1,280.
Journalize the April transactions using a perpetual inventory system
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso