ACC 121 Mini Practice Set Project transactions Spring 2022 (Use the working papers provided by your instructor to work this project.) Hogsmeade Inc. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Hogsmeade Inc. are indicated in the working papers. Below are a series of transactions for Hogsmeade Inc.. for the month of April. Credit sales terms are 1/10, n/30. The cost of all merchandise sold was 80% of the sales price. Apr 3 Sell merchandise on account to S. Snape $6,000, invoice no. 200, and to L. Voldemort $10,200, invoice no. 201. 4 Purchase merchandise from L. Lovegood $15,000 terms n/30; and R. Weasley $22,400, terms 2/10, n/30. 6 Issue $29,000 note, maturing in 90 days, to R. Hagrid in payment of balance due. 7 Receive checks from A. Dumbledore $40,000 and H. Granger $27,500 both are eligible for 1% discount. 8 Paid H&R shipping for freight on invoice no. 200 to customer S. Snape for $250. 9 Send checks to D. Malfoy for $19,000 less 2% cash discount, and to S. Black for $22,000 less1% cash discount. 9 Issue credit of $2,250 to L. Voldemort for merchandise returned. 10 Summary daily cash sales total $35,500. 11 Sell merchandise on account to H. Potter $17,600, invoice no. 202, and to A. Dumbledore $9,000, invoice no. 203.