At the beginning of the current season on April 1, the ledger of Wildhorse Pro Shop...

 

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At the beginning of the current season on April 1, the ledger of Wildhorse Pro Shop showed Cash $3,480; Inventory $3,500; and Common Stock $6,980. The following transactions were completed during April 2022. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,700, terms 2/10, n/60. 7 Paid freight on Arnie purchase $80. Received credit from Arnie Co. for merchandise returned $400. 10 Sold merchandise on account to members $1,430, terms n/30. The merchandise sold had a cost of $790. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $780, terms 1/10, n/30. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $80. 20 Made sales on account to members $850, terms n/30. The cost of the merchandise sold was $550. Paid Woods Sportswear in full. 21 27 Granted an allowance to members for clothing that did not fit properly $85. 30 Received payments on account from members $1,370. Journalize the April transactions using a perpetual inventory system. (if no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Crec (To record credit sale) (To record cost of goods sold) (To record credit sale) (To record cost of goods sold) > > Using T-accounts, anter the beginning balances in the ledseraccounts and post the April transactions. (Post entries in the order of journal entries posted in part a. For accounts that have a zero balance select "4/30 Bal" from the listand enter Ofor the amount) Cash Accounts Receivable Inventory Accounts Payable Common Stock Sales Revenue Sales Returns and Allowances Cost of Goods Sold > >> > > > > >> > > > > > > > > > > > > Prepare a trial balance on April 30, 2022. (Do not list those accounts that have zero ending balance.) WILDHORSE PRO SHOP Trial Balance Debit Credit eTextbook and Medla List of Accounts Prepare an income statement through gross profit for the month of April 2022. WILDHORSE PRO SHOP Income Statement (Partial) At the beginning of the current season on April 1, the ledger of Wildhorse Pro Shop showed Cash $3,480; Inventory $3,500; and Common Stock $6,980. The following transactions were completed during April 2022. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,700, terms 2/10, n/60. 7 Paid freight on Arnie purchase $80. Received credit from Arnie Co. for merchandise returned $400. 10 Sold merchandise on account to members $1,430, terms n/30. The merchandise sold had a cost of $790. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $780, terms 1/10, n/30. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $80. 20 Made sales on account to members $850, terms n/30. The cost of the merchandise sold was $550. Paid Woods Sportswear in full. 21 27 Granted an allowance to members for clothing that did not fit properly $85. 30 Received payments on account from members $1,370. Journalize the April transactions using a perpetual inventory system. (if no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Crec (To record credit sale) (To record cost of goods sold) (To record credit sale) (To record cost of goods sold) > > Using T-accounts, anter the beginning balances in the ledseraccounts and post the April transactions. (Post entries in the order of journal entries posted in part a. For accounts that have a zero balance select "4/30 Bal" from the listand enter Ofor the amount) Cash Accounts Receivable Inventory Accounts Payable Common Stock Sales Revenue Sales Returns and Allowances Cost of Goods Sold > >> > > > > >> > > > > > > > > > > > > Prepare a trial balance on April 30, 2022. (Do not list those accounts that have zero ending balance.) WILDHORSE PRO SHOP Trial Balance Debit Credit eTextbook and Medla List of Accounts Prepare an income statement through gross profit for the month of April 2022. WILDHORSE PRO SHOP Income Statement (Partial)

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Apr 14 Paid Arnie Co Invoice amount 1700 Merchandise returned 400 Remaining amou... View the full answer